Compliance Toolkit

Researching Australian law

The LLRX guide on researching Australian law contains useful links covering finding Australian Legislation, Courts and Judgments, Treaties, Secondary Sources, Journal Literature, Legal Encyclopedias, Law Reform, Government Information, Dictionaries, Directories, Legal Research Guides, Information Brokers and Major Texts.

Fair Work Act

The Fair Work Act is available here on ComLaw.

Financial Claims Scheme package

The Financial Claims Scheme package has been passed and assented to:

• Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008
• Financial Claims Scheme (ADIs) Levy Act 2008
• Financial Claims Scheme (General Insurers) Levy Act 2008
  

UPDATE 14 November: see also

Banking Act 1959 - Declaration of Covered Financial Products

Banking Amendment Regulations 2008 (No. 1)

The final details of the fees payable by ADI's for the deposit and wholesale funding guarantees are here:

Australian Government's 2008 Deposit and Wholesale Funding Guarantees (Treasury, 24 October 2008)

UPDATE 22 November:

The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding website

UPDATE December 2008: Insurance Amendment Regulations 2008 (No. 2)

Designing a compliance framework

Designing a compliance framework from David Jacobson on Vimeo.

Workplace Relations Act

An updated consolidated Workplace Relations Act incorporating the changes made by the Workplace Relations Amendment (Transition to Forward with Fairness) Act 2008 is available here.

Simpler Regulatory System Act commences

The Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 received Royal Assent on 28 June 2007.

Here is the updated Corporations Act incorporating the Simpler Regulatory System Act changes.

The Regulations to implement the Act are:

• Corporations Amendment Regulations 2007 (No. 2)
• Corporations Amendment Regulations 2007 (No. 3)
• Corporations Amendment Regulations 2007 (No. 4)
• Corporations Amendment Regulations 2007 (No. 5)
• Corporations Amendment Regulations 2007 (No. 6)
• Corporations Amendment Regulations 2007 (No. 7)
• Corporations Amendment Regulations 2007 (No. 8)

Collaborative compliance wiki

We are all looking for ways to store and find that document or piece of information we're going to need in the future.

And just as importantly we are looking to find ways to share that information with others.

In my quest for a solution, I have set up a wiki to help share tools and information to manage compliance. The goal is to create a "how to" resource as much as a "what to do" resource collectively with like-minded persons and to co-operatively improve our compliance resources.

Unlike Wikipedia which is an encyclopaedic open wiki, this wiki will be limited to compliance and can't be changed unless you register.

Communities of practice have become a cornerstone of the knowledge strategy of leading organizations.

If you're interested in risk management and compliance I invite you to join.

Go to www.complianceonline.com.au and have a look.

The site is designed to be co-operative: by registering (there is no fee) you can suggest topics, create new pages or add to or comment on existing topics. You can contribute by identifying problems you are trying to solve, outcomes you are trying to achieve, lessons learned or solutions you've already devised.

Or you may wish to focus on one issue rather than the variety I have started on.

Let me know what things are important to your business or the things that interest, challenge, excite or intrigue you. If we have common interests  I will try to provide the resources on the wiki.

You can just read collaborative compliance wiki if you want to but if you want to participate you will need to register.

Do Not Call Register essentials

The Do Not Call Register is expected to commence on 31 May 2007. It will be administered by ACMA.

The package of laws, regulations and standards consists of:

• the Do Not Call Register Act 2006 (Cth);  
• the Do Not Call Register Regulations 2006 (Cth);   
• the Do Not Call (Consequential Amendments) Act 2006 (Cth);
• Telecommunications (Do Not Call Register) (Telemarketing and Research Calls) Industry Standard 2007.

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

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