Category: Press Releases

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...

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...

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...

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...

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 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...

The Federal Court has ordered National Australia Bank Ltd (NAB) pay a $2.1 million penalty for unconscionable conduct by continuing to charge periodic payment fees even though NAB knew it was wrongfully overcharging customers. ASIC Deputy Chair Sarah Court said, ‘NAB continued to charge fees when it knew it lacked any entitlement to do so...

ASIC has commenced civil penalty proceedings in the Federal Court against Bit Trade Pty Ltd, provider of the Kraken crypto exchange to Australian customers. ASIC alleges that Bit Trade failed to comply with the design and distribution obligations for the margin trading product it offers Australian customers on the Kraken exchange. ASIC’s case focuses on...

The FCA has published the findings of its initial data exercise on bank account access and closures. The information supplied by banks, building societies and payment companies suggests that no firm closed an account between July 2022 and June 2023 primarily because of a customer’s political views. The Payment Accounts Regulations ban banks or building...

ASIC is extending the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024. The reason for the further extension is that the Treasury Laws Amendment...