Month: November 2019
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AUSTRAC takes aim at the second of the Big 4 banks
After its landmark $700m penalty in 2018 against CBA for 53,750 contraventions of the AML/CTF Act, AUSTRAC has today applied to the Federal Court for civil penalty orders relating to 23 million alleged contraventions of the AML/CTF Act. No details as yet on the size of the penalty that may be applied. AUSTRAC’s media release:…
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ASIC’s new RG270 on Whistleblower policies – are you ready?
ASIC has released its new Regulatory Guide on Whistleblower policies (RG270), following consultation earlier this year. The key immediate takeaway is that there is no extension to the 1 January 2020 deadline for public companies, large proprietary companies, and proprietary companies that are trustees of registrable superannuation entities to have a whistleblower policy available to…