Latest Updates

AUSTRAC Issues New Guidance to Enhance AML/CTF Compliance Post Data Breaches The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released important guidance to assist organisations under its oversight in meeting their Anti-Money Laundering and...

Experienced Financial Adviser Registration Pathway The passage of the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 has introduced changes to the regulations governing financial advisers in Australia. Specifically, it has created a pathway for experienced...

Sole-Purpose Test In July 2021, requirements were introduced regarding the deduction of advice fees from superannuation accounts – these are widely known as the Sole Purpose Test. In June 2021, ASIC and APRA sent letters to the trustees of superannuation funds to...

Financial Crime  The primary topic area of this month’s update is financial crime. We will look at the FATF updates on global ML/TF risk, including changes to country classifications, and look at the top four financial crime trends for 2023 as outlined in the State of...

In the October 2022 federal budget, the government allocated $2.7 million for the Treasury to support reviews of the Reserve Bank and the regulatory framework for managed investment schemes (MIS). Earlier this month, the government announced that it would launch a...

As participants in the financial services industry, it is important to understand the powers and responsibilities of ASIC. At a high-level, ASIC’s role is to ensure that Australia’s financial markets are fair and transparent. They regulate Australian corporations,...

In the past year there have been several occasions where ASIC has acted against a Financial Services business or representative and within their media release specifically mentioned an area where a Responsible Manager failed their obligations. In this Technical Update...

22-366MR On 16 December 2022, ASIC published 22-366 MR ASIC bans two Gold Coast based financial service providers and cancels the AFS licence of National Advice Solutions. This outcome is part of ASIC’s ongoing efforts to improve standards across the financial advice...

Recap of 2022 This year has seen a lot of change and bedding in of new requirements from ASIC, AFCA, TPB, and AUSTRAC. In this update, we are going to look at some of the most significant impacts to business in 2022 and explore some expected areas of interest in 2023....

What is ASIC v Dixon Advisory? In September 2020, ASIC commenced civil penalty proceedings against Dixon Advisory and Superannuation Services Limited (Dixon Advisory) for alleged conflicts, best interest failures, and inappropriate advice. On 15 October 2021, Dixon...

Quality of Advice Review (Proposal Summary) History The current regulatory framework, which commenced with the Financial Services Reform Act 2001, continues the premise that providing the client with all the information will allow them to make well informed decisions...

Overview On 5th October 2022, AUSTRAC released guidance on ‘Source of funds and source of wealth’ requirements.  This guidance states that for certain high-risk customers, high-risk transactions, or for foreign politically exposed persons (PEP’s), you must identify...