Insights
Regulatory Highlights: September 2023
3 November, 2023
Welcome to our Regulatory Highlights for September 2023. Financial Services Highlights ASIC issues interim stop order on Storehouse Residential Trust (SRT) due to TMD deficiencies ASIC has issued an interim stop order on SRT, a registered managed investment scheme promoted by K2 Asset Management Ltd (K2), due to TMD deficiencies, preventing K2 …
Regulatory Highlights: August 2023
3 November, 2023
Welcome to our Regulatory Highlights for August 2023. Financial Services Highlights ASIC v eToro: DDO ASIC initiated proceedings in the Federal Court against eToro Aus Capital Limited AFSL 491139 (eToro), alleging the following: eToro has breached design and distribution obligations (DDO), by Setting its target market way too broad in light of …
Regulatory Highlights: July 2023
30 July, 2023
Welcome to our Regulatory Highlights for July 2023. Key Takeaways Representation and conduct that may be false and misleading in nature remains high on ASIC’s list; Licensees need to carefully review their ESG-related disclosures; Ongoing monitoring and promptly dealing with any gaps identified are an integral part of a robust compliance framework; Financial services providers …
Regulatory Highlights: June 2022
18 July, 2022
Welcome to the first issue of our Regulatory Highlights. Key Takeaways Defective disclosure documents may have criminal consequences. Anything false or misleading may have severe consequences. Businesses should monitor all of their communications with the outside world, including website content, online advertisement, seminars, brochures, emails, social media posts and so on. Insider trading is not …
AML/CTF Breaches Reportable to AUSTRAC?
4 July, 2022
A question that we get frequently asked is whether a reporting entity is required to report any breaches of the anti-money laundering and counter-terrorism financing (AML/CTF) obligations and/or its own AML/CTF Program to the Australian Transaction Reports and Analysis Centre (AUSTRAC). The short answer is no. AML/CTF Breach Reporting? The question on the reportability of …
Independent AML Review and Related Considerations
19 January, 2021
The beginning of the year tends to be when a lot of reporting entities consider to get an independent review done on their Anti-Money Laundering and Counter-Terrorism Financing Program (‘AML/CTF Program’, the ‘Program’). I’d like to share my thoughts on topic and related considerations, and to address a few common questions that we tend to …
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Remote Work Considerations
22 April, 2020
The Covid-19 development in the past month or two has really put the spot light on the importance of a robust Business Continuity Plan (BCP). Many Australian Financial Services Licence (AFSL) holders have either partially or fully rolled out their BCPs. A lot of financial services professionals are now working from their own home as …
OTC Derivatives Client Suitability Assessment: AFCA’s Approach...
4 November, 2019
An Australian Financial Services Licence (‘AFSL’) holder that is authorised to deal with retail clients is generally required to maintain a membership with the Australian Financial Complaints Authority (‘AFCA’). It is therefore important to understand how AFCA approaches its work when dealing with disputes between financial services organisations and their clients. We reviewed approximately 30 …
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Certified Copy vs Scanned Copy of A Certified Copy
14 October, 2019
There appears to be an increase in the acceptance of scanned copies of certified documents in recent years. This is understandable as it is much faster and easier to obtain a scanned copy than waiting for the physical certified document to arrive. However, I would be inclined to think that a scanned copy of a …
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Wholesale Clients And KYC
8 October, 2019
It is not uncommon to hear people say something along the line of “we only have wholesale clients. We don’t have to worry about AML stuff.” This article aims to bust this myth and explain how reporting entities that deal with wholesale clients arguably need to be more vigilant in carrying out their Know Your …