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Dec 20, 2024 | 
herbertsmithfreehills.com | Alice Molan |Charlotte Henry |Bryony Adams |Julia Massarin
Insight Article - By The passage of the bill to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) through the Federal Parliament during the final sitting week for 2024 marks a significant milestone on the journey to reform Australia’s AML/CTF regime.
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Sep 25, 2024 | 
lexology.com | Alice Molan |Charlotte Henry |Bryony Adams |Kate Cahill |Tony Coburn |Julia Massarin | +3 more
On 11 September 2024, amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) were introduced into Parliament through the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) (AML/CTF Bill). The Bill includes significant proposals to expand the application of the AML/CTF Act to additional sectors of the Australian economy, including lawyers, real estate agents, accountants and others.
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Jul 15, 2024 | 
lexology.com | Alice Molan |Kaman Tsoi |Ayman Shash
Protection of vulnerable customers, combating scams, supporting customers through hardship and managing risks associated with artificial intelligence are key policy areas of government which are likely to influence how credit reporting reforms are shaped. We have examined how broader policy considerations are likely to affect the review of Australia’s credit reporting regime.
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May 24, 2024 | 
lexology.com | Alice Molan |Anjelica Balis |Devlin Greatbatch Murphy
The next instalment of ASIC’s crypto enforcement series has resulted in the Federal Court determining that the ‘Qoin Wallet’ issued to store and transact crypto asset ‘Qoin’ was a non-cash payment facility (NCPF). With many digital asset platforms offering crypto wallets or wallet functionality, what does this mean for the regulatory perimeter and how does this decision tie into ongoing regulatory reforms on digital assets and payments?
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May 22, 2024 | 
lexology.com | Alice Molan |Charlotte Henry |Bryony Adams |Kate Cahill |Tony Coburn |Julia Massarin | +2 more
Reforming Australia’s AML/CTF regime – clear commitment to modernising the regime in Consultation Paper 2 Following the release of the Consultation Paper on Modernising Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime in April 2023 (Consultation Paper 1), there was real excitement about the possibility for Australia’s AML/CTF regime being updated for the better. Our thoughts on Consultation Paper 1 are available here.
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May 1, 2024 | 
lexology.com | Alice Molan |Ayman Shash |Devlin Greatbatch Murphy
In late 2023, the Federal Parliament of Australia passed legislation introducing a new statutory framework for the Commonwealth’s identity verification services. The Identity Verification Services Act 2023 (Cth) (the Act) provides a legislative basis to operate three identity verification facilities.
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Mar 27, 2024 | 
lexology.com | Michael Vrisakis |Fiona Smedley |Andrew Eastwood |Luke Hastings |Alice Molan |Hugh Paynter | +3 more
Register now for your free, tailored, daily legal newsfeed service. Find out more about Lexology or get in touch by visiting our About page. RegisterIf you would like to learn how Lexology can drive your content marketing strategy forward, please email .
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Mar 27, 2024 | 
lexology.com | Alice Molan |Charlotte Henry |David Curley
In this article we detail the changes to the derivative transaction reporting regime in Australia as proposed by ASIC’s Third Consultation 375. With updated reporting rules commencing on 21 October 2024, the changes proposed in this final consultation are welcome.
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Feb 15, 2024 | 
mondaq.com | Charlotte Henry |Alice Molan |David Curley |Felix Hu
The HSF Financial Services Regulatory team is pleased to have advised the Australian Financial Markets
Association (AFMA) in obtaining welcome relief
from ASIC in relation to the unfair contracts terms regime under
the Australian Securities and Investments Commission Act
2001 (Cth) (ASIC Act), which was recently
expanded with effect from 9 November 2023.
ASIC has adopted a no-action position as set out in its No-Action Letter.
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Feb 13, 2024 | 
mondaq.com | Charlotte Henry |Chee Hian Kwah |Susannah Cogman |Alice Molan
Financial crime risk keeps evolving and firms must stay on their
toes
With the plethora of sanctions triggered by recent conflicts,
criminal cases associated with crypto collapses, the proliferation
of fraud from scams involving unauthorised transactions and
authorised push payments (APP) and the sophistication of global
cyber-attacks, financial crime remains one of the most significant
risks facing firms.
