Compliance Toolkit

FSR Compensation

ASIC has announced a new class order [CO 06/1012] extending the transitional compensation arrangements under s912B of the Corporations Act 2001 from 1 January 2007 to until 30 June 2007.

The Government plans to finalise the compensation regulations during the next six months, including any further transition period.

Background

AML toolkit

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act consolidated to 23 May 2009) operates together with other legislation which has now been updated to include AML obligations:

• Financial Transaction Reports Act 1988
• Proceeds of Crime Act 2002
• Crimes Act 1914
• Criminal Code Act 1995 and the
• Privacy Act 1988

AML/CTF Rules

Regulatory Guide

The current rules are:

LATEST CONSOLIDATION

• Anti-Money Laundering and Counter-Terrorism Financing Rules 2006
  This Instrument contains AML/CTF Rules relating to the Register of Providers of Designated Remittance Services.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007(No. 1)
  This Instrument contains the majority of the registered AML/CTF Rules. The current compilation comprises matters including AML/CTF compliance reports (reporting and lodgment periods), monetary thresholds for certain designated services in tables 1 and 3.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 2)
  This Instrument contains AML/CTF Rules relating to paragraph (e) of the definition of 'correspondent banking relationship' in section 5 of the AML/CTF Act.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 4)
  This Instrument amends Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) and contains AML/CTF Rules relating to ongoing customer due diligence, international funds transfer instruction reportable details, suspicious matter reportable details.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5)
  This Instrument amends Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) and contains AML/CTF Rules for threshold transaction reportable details.
• Chapters 17,18,19 informal compilation (rules commencing on 12 December 2008 and after)

Penalty Policy Principles

Compliance reporting date rules

Self assessment questionnaire

AML archives

Updated 23 September 2008

Arranging loans in Western Australia

The Finance Brokers Control Act (WA) regulates the arranging or negotiating of loans in that State. Persons who carry on that business in WA must be licensed by the Department of Consumer and Employment Protection (DOCEP), even if those loans are not regulated by the Consumer Credit Code.

Recent amendments permit non-WA residents to obtain a licence and permit the licensing of finance broker businesses whose owners (directors or partners) are not qualified provided a qualified person controls the finance broking operations.

Meet the regulators

Every new law (especially if it involves collection of information or money or supervision of business) requires an administrator: either a government-funded regulator or a government department.

Here's a list of some regulators with a link to the laws they administer:

• ASIC;
• ACCC;
• ATO;
• APRA;
• AUSTRAC;
• OFPC;
• HREOC;
• ACMA;
• Commonwealth Government departments