Australian financial services licence (AFSL) holders must comply with the general licensing obligations under the Corporations Act, including: ensuring financial services are provided efficiently, honestly and fairly complying with licence conditions and financial services laws managing conflicts of interest ensuring that representatives comply with relevant licensing obligations and are adequately trained and competent maintaining competence[…]

When making disclaimers in information, marketing or promotional material about financial services products that will be circulated to the general public, be aware that regulatory policies and specific legal requirements apply. Regulatory Guide 234: Advertising financial products and services (including credit): Good practice guidance, issued by the Australian Securities and Investments Commission, is essential reading[…]

Until recently, AUSTRAC presented as a low profile regulator which, possibly, led to the perception that AML/CTF requirements presented a low regulatory risk. In recent times, however, AUSTRAC has wielded a big stick against 2 of the major banks. In 2018, the CBA was fined $702 million for breaches. (The fines could have been many[…]

During this time,  all Know Compliance staff and management are working from their individual homes to comply with the social distancing measures.   Each home workplace is equipped with a telephone, computer (PC and/or laptop), appropriate seating and is isolated from other home activities.  Each home computer is password protected All have access to the[…]

Significant increase penalties for misleading statements in licence applications. Pursuant to Section 1308(8) of the Corporations Act a person must not, in connection with an application for an Australian financial services licence: make a statement that is false or misleading in a material particular knowing it to be false or misleading; omit to state any[…]

Australian Financial Services Licensees must comply with Section 912A(1)(d) Corporations Act – Financial Resources Requirements Holders of Australian financial services (AFS) licences must have sufficient financial resources at all times to provide their licensed financial services and to be able to carry out operational and regulatory compliance checking, monitoring and reporting. Section 912A(1)(d) states that[…]