Australian Regulators Weekly Wrap – 25 July 2022

FATCA/CRS (ATO): The ATO has issued a self-review guide and toolkit on the internal processes and systems that reporting financial institutions should maintain to comply with the Foreign Account Tax Compliance Act and the Common Reporting Standard, which has been something of a focus for it in preceding years…

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Australian Regulators Weekly Wrap – 4 July 2022

Threshold Transaction Reports (AUSTRAC): AUSTRAC has released updated guidance on reporting threshold transaction reports when a customer conducts multiple cash transactions, following industry consultation on the draft guidance released in November 2021. A reporting entity providing…

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Australian regulators weekly wrap Monday 28 September 2020

AUSTRAC v Westpac (AML / CTF):in an action-packed week, the first entry is Westpacs agreement to pay the biggest fine in Australian corporate history, $1.3 billion (Westpac had provisioned $900M), to settle the proceedings brought in November 2019 by the AML / CTF regulator, AUSTRAC. AUSTRAC accused it of breaching…

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Australian regulators weekly wrap Monday 14 September 2020

PPSA / Financial Products (AG):the Federal AG is seeking the publics views on the practical impact of thePersonal Property Securities Act 2009on the trading of financial products, including whether the current provisions in the legislation should be amended, the reasons for any proposed changes and the nature…

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Australian regulators weekly wrap Monday 7 September 2020

Corporate Criminal Liability Review (ALRC):following the Hayne Royal Commission , there were increased concerns that corporations, and senior officers within those corporations, were not being adequately held to account for serious corporate misconduct.(Criminal liability for corporations has always been a fraught…

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Australian regulators weekly wrap Monday 31 August 2020

Corporate Plan (ASIC):the corporate regulator has published itsCorporate Plan for 202024, which sets out its strategic priorities and actions for the next four years. A good portion of the plan is dedicated to pandemic-related activities, as you might expect, and most of that content has been released previously. For example…

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Australian regulators weekly wrap Monday 17 August 2020

Litigation funders (ASIC): on 22 May 2020,the Government announcedthat it would regulate litigation funders under theCorporations Act 2001(Cth). The regulations to implement this commenced on 24 July 2020. From 22 August 2020, operators of litigation funding schemes will need to hold an AFS…

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Australian regulators weekly wrap Monday 10 August 2020

Add-on insurance (ASIC):the corporate regulator is considering making aproduct intervention orderfor the sale of add-on motor vehicle financial risk products. Under Pt 7.9A of theCorporations Act 2001(Cth), ASIC may make a product intervention order when it is satisfied that a financial product available for issue to retail…

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Australian regulators weekly wrap Monday 27 July 2020

Prudential approach (APRA):Chair Wayne Byres hasdelivered a speech to the Trans-Tasman Business Circleon APRAs role and contribution to managing the pandemic. While there is no new information, it is a really engaging read (my top read for the week!) into what the prudential regulator has been doing and what it plans…

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Australian regulators weekly wrap Monday 20 July 2020

AU / UK Investigation (OAIC):the Office of the Australian Information Commissioner and the UKs Information Commissioners Office have opened a joint investigation into the personal information handling practices of Clearview AI Inc., focusing on the companys use of scraped data and bio-metrics of individuals…

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