ADM Investor Services International Limited (ADMISI), a broker, has been fined £6,470,600 for inadequate anti-money laundering (AML) systems and controls. The nature of ADMISI’s business and client base presented potentially high levels of money laundering risk because of its business model, the geographical location of its customers, the proportion of its business involving high-risk clients […]
Author Archives: ETE
End of implementation period for debt packager referral fee ban
Any new debt packager firms, or those restarting their debt packager business, including newly appointed ARs, have already been subject to the ban from 2 June 2023. Today is the final day of the implementation period and all debt packager firms must now be ready to comply with the ban. Where CONC 8.3.11R applies, debt […]
ASIC obtains over $700,000 in penalties for financial reporting failures
Between 1 January 2023 and 30 June 2023, ASIC prosecuted 36 companies and secured over $700,000 in penalties for failing to lodge financial reports, hold annual general meetings (AGMs) and to maintain the required number of directors and resident directors. Three of ASIC’s prosecutions resulted in fines of more than $100,000. Asset management firm ALT […]
ASIC remakes sunsetting legislative instruments on takeovers, compulsory acquisitions and relevant interests
ASIC has remade seven legislative instruments relating to takeovers, compulsory acquisitions and relevant interests. These instruments were due to automatically repeal and cease operation (‘sunset’) on 1 October 2023 if not remade. The relief is contained in the following seven legislative instruments: ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681; ASIC Corporations (Takeover Bids) Instrument […]
ESAs publish Report on the landscape of ICT third-party providers in the EU
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have today published an indicative overview of information and communication technology (ICT) third-party providers (TTP) as part of their preparations for the Digital Operational Resilience Act (DORA). The analysis aims to map the provision of ICT services by TPPs to financial entities in […]
Fintech company pays penalties for crypto product representations
Following ASIC action, fintech company Bobbob Pty Ltd has paid $53,280 to comply with infringement notices regarding representations it made about a crypto-asset linked investment product. ASIC was concerned that Bobbob made the following representations that had the potential to mislead consumers that the crypto-asset linked investment product: was approved or licensed by ASIC, was […]
Company auditor suspended for 12 months over deficient audits
Registered company auditor Rocco (Roy) Luciano Spagnolo has been suspended from practice for 12 months by the Companies Auditors Disciplinary Board (CADB) after it found two of his audits failed to comply with auditing standards. Mr Spagnolo, a director of Corporate Audit & Advisory Services Pty Ltd, was responsible for auditing the 30 June 2019 […]
ANZ penalised $15 million for misleading customers about available funds
The Federal Court has ordered Australia and New Zealand Banking Group Limited (ANZ) to pay a $15 million penalty after it admitted to misleading customers as to the funds available to those consumers in certain credit card accounts. The Court found ANZ breached the ASIC Act and the National Consumer Credit Protection Act by falsely […]
ASIC disqualifies Philip Whiteman from managing corporations for maximum five years after engaging in illegal phoenix activity
ASIC has disqualified Philip Whiteman of Mount Dandenong, Victoria, from managing corporations for the maximum period of five years due to his involvement in the failure of five companies. Between November 2010 and June 2017, it was determined that Mr Whiteman acted as a ‘shadow director’ by controlling companies and acting in the position of […]
ASIC calls on licensees to strengthen remediation procedures
ASIC is calling on Australian financial services and credit licensees (licensees) to ensure they remediate affected customers quickly and fairly, in line with ASIC’s guidance in Regulatory Guide 277 Consumer Remediation (RG 277). This follows ASIC’s recent review of the remediation policies and procedures of some large financial institutions to assess their implementation of RG […]