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Keeping your AML/CTF Program up-to-date
01 Apr 2021
Naomi Fink
Senior AssociateOutsourcing KYC obligations If you are bound by the Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation[1], (that is, you are a “reporting entity”), you must have in place policies…...
Read moreEssentials of common Services Agreements in Financial Service
25 Mar 2021
Alexa Bowditch
LawyerService agreements are common agreements in many industries, not just in the financial services industry. A service agreement is a contract made between two parties that sets out the specific…...
Read moreIncreased Competition Scrutiny in the Financial Services Sector by the ACCC
02 Mar 2021
Annabelle Chai
LawyerThe role of the ACCC in the financial services sector has grown since the last time we explored its involvement back in 2012. Review of the Financial Services Sector Productivity…...
Read moreSection 30 and Section 33 Notices – ASIC’s Power to Compel Production of Books
01 Feb 2021
Rachel Erlich
Senior AssociateThe Australian Securities and Investments Act 2001 (Act) gives ASIC the power to issue section 30 and section 33 notices compelling the production of certain books. Section 30 and section…...
Read moreResponsible Managers and the Key Person Condition – The Consequences
20 Jan 2021
Frank Varga
Head of LicensingWe have previously discussed what does it mean to be a Responsible Manager? To recap, Section 912A of the Corporations Act, which sets out the key obligations of an AFS…...
Read moreAvoiding a successful Unfair Dismissal claim – Some hints and tips
15 Dec 2020
Tim Dixon
Special CounselIt is said that the most valuable asset of a business can be its employees. Whilst that is usually true, from time to time it becomes necessary, for the good…...
Read moreNew Breach Reporting Regime: as simple as assembling a springless trampoline
08 Dec 2020
Paul Derham
PartnerAfter browsing the recently-tabled 153-page Financial Sector Reform Bill, I was struck by the irony of Hayne’s comments in his Interim Report: Should the existing law be administered or enforced…...
Read moreASIC’s Product Intervention Power – How does it work?
01 Dec 2020
Rachel Erlich
Senior AssociateSince 6 April 2019, ASIC has had the power to proactively intervene in relation to a financial or credit product (“product”) or class of products to reduce the risk of…...
Read moreThe Dangers of Ignoring Client Vulnerability
05 Nov 2020
Paul Derham
PartnerChances are, you’re reading this article on an electronic device. You may have used the same device to video-chat with others, message your team and create or send documents…...
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