A registered company auditor will not be able to audit companies until 2024 after the Companies Auditors Disciplinary Board (CADB) found he failed to meet minimum standards in his audit of ASX-listed technology company Engage: BDR Limited (Engage). On 30 August 2023, following an ASIC investigation and application, the CADB ordered James Mooney, an audit...
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ASIC disqualifies straw director for five years
ASIC has disqualified former electrical services director Sam Casella, of Bossley Park, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of three companies. Between December 2015 and March 2023 Mr Casella was a director of three companies: Roundelectrics Pty Ltd (ACN 160 411 389); Spec...
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Former CEO permanently banned following dishonesty conviction
ASIC has permanently banned former CEO Mark Peter Thomas from performing any function involved in the operation of a financial services business or credit provider, or controlling, whether alone or with others, an entity that operates a financial services business or provides credit. The ban follows Mr Thomas’s conviction for dishonestly using his position as...
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ASIC sues AustralianSuper over multiple superannuation accounts
ASIC has commenced civil penalty proceedings against the trustee of Australia’s largest superannuation fund, AustralianSuper, alleging failures to address multiple member accounts. ASIC alleges that for almost ten years, AustralianSuper failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts and to merge those accounts, where merger was in the...
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ASIC sues PayPal Australia for alleged unfair contract term with small businesses
ASIC has commenced proceedings against PayPal Australia Pty Limited (PayPal) alleging that its standard form contracts with small business customers contain an unfair contract term. The case involves a contract term that gives PayPal business account holders 60 days to notify PayPal of any errors or discrepancies in fees that PayPal has charged them, or...
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ESMA updates the European Single Electronic Format Reporting Manual
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published the annual update of its Reporting Manual on the European Single Electronic Format (ESEF). ESMA updated the ESEF Reporting Manual to provide technical improvements, such as: clarifying the formats of images embedded in the xHTML document; updating Data Type...
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Calibrating controls to build confident markets
Acting to fight crime Black bin liners stuffed with £700,000. An international deal for PPE kit. A widow transferring money to her online love interest… What do these cases all have in common? They all had links to financial crimes and should have raised suspicious activity reports. In the first case, despite bulging black bin...
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Charges against former credit union CEO withdrawn
The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn its charges against Peter Challis, the former Chief Executive Officer of WAW Credit Union Co-Operative Limited (CEO). Following an ASIC investigation, Mr Challis was charged with one count of failing to discharge his duties in good faith in the best interests of a corporation (refer 18-309MR)....
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ACBF Funeral Plans penalised $1.2 million by Federal Court
The Federal Court has ordered a $1.2 million penalty against ACBF Funeral Plans Pty Ltd (in liquidation) (ACBF) for misrepresenting the sale and promotion of funeral expense insurance to Aboriginal people. The Court found that ACBF represented to ACF plan holders that they would receive a lump sum payment of their chosen benefit amount, when...
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ASIC takes aim at the distribution of OTC derivatives and other high-risk products to retail clients
ASIC is taking aim at the broad distribution of over-the-counter (OTC) derivatives and other high-risk retail products after a recent targeted review found significant room for improvement in how they meet their design and distribution obligations (DDO). ASIC Deputy Chair Karen Chester said, ‘ASIC is disappointed that some high-risk retail product issuers have changed little...
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