Sophie Grace Pty Ltd

15/11/2023

Did you forget to submit Form 388 with your audit this year? If you are an AFSL Holder, it's important to remind yourself whether your company falls within ASIC's list of company types that are required to submit Form 388 annually. To find out the specific requirements, watch the below video.

06/11/2023

Training of representatives is an important part of maintaining your AFSL. It's a general obligation under section 912A of the Corporations Act to maintain the competence of your representatives to ensure compliance. Specific requirements vary according to the financial products and services provided. In our latest video, we cover the requirements for licensees and representatives that provide general advice only. Watch today and don't forget to follow our YouTube channel for more.

31/10/2023

What happens if the key person on your AFSL or credit licence leaves the business? During a licence application of variation, ASIC has the discretion to impose a Key Person condition on an AFSL or credit licence where the licensee is reliant upon a particular Responsible Manager to demonstrate organisational competence in some or all of the authorisations listed on the licence. To get more information, watch the below video.

05/09/2023

Those impacted by debanking should review AUSTRAC's latest guidance. Affected businesses should establish clear communication channels with financial institutions to showcase measures they have implemented to reduce risks within their operations. Click on the link below to read more.

AUSTRAC issued its latest guidelines on de-banking in June 2023, aiming to encourage affected businesses to establish transparent communication with financial institutions and showcase the measures…

31/07/2023

When assisting consumers with credit contracts and leases, Australian Credit License holders must ensure they appropriately assess whether the loan or consumer lease adequately meets the needs of consumers. The NCCP Act requires licensees to make reasonable inquiries about a consumer’s needs. Click on the link below to read more.

In May 2023, ASIC commenced proceedings against Money3 Loans Pty Ltd in relation to their responsible lending obligations when providing finance for the purchase of second-hand vehicles.

28/07/2023

To avoid criminal and civil penalties, it is essential that company directors remain on top of their compliance and regulatory obligations and ensure they have the capacity and knowledge to effectively discharge their duties. Read more about ASIC's latest enforcement against company directors here.

Directors have a range of duties to the companies to which they are appointed as well as to its shareholders to act with due diligence and care.

27/07/2023

The Future of the Regulatory Landscape - Catch up on everything one of our senior lawyers, Melody Gao had to say during the panel session at iFX Asia Expo by watching the video below.

The Future of Regulatory Landscape Locally & GloballyAmidst the boom of the FinTech industry, Asia-Pacific is expected to become the new engine of regtech gr...

19/07/2023

Since the commencement of the DDO Obligations regime, ASIC has issued 81 interim stop orders for breaches of the Target Market Determination requirements. To help licensees better prepare their TMDs, ASIC has released a number of recommendations. Ensure they are being properly implemented by your business - read our latest blog article.

Since the commencement of the Design and Distribution Obligations ("DDO") regime in October 2021, ASIC has issued eighty-one (81) interim stop orders for breaches of the requirements relating to…

18/07/2023

With the rise of technology, cyber-security is now more important than ever. Licensees must ensure that they have robust protocols and measures in place to protect clients' personal information. For more information on different measures you can implement, read our latest blog article.

Collecting accurate and relevant client information is essential to meet the stringent customer identification procedures contained in the Anti-Money Laundering and Counter-Terrorism Financing Rules (“AML/CTF Rules”).

17/07/2023

General Insurance Intermediaries have one week left to submit their Form 701 to APRA. If you haven't submitted your form yet, do so now or contact us to avoid a breach of your AFSL obligations.

07/07/2023

AUSTRAC has partnered with the UK to combat the global threat of money laundering and terrorism financing. The partnership will assist both countries to exchange information on emerging trends and risks. Read our blog article to find out more.

AUSTRAC has strengthened its collaboration with the United Kingdom (“UK”) in the fight against money laundering, terrorism financing, and other serious financial crimes.

05/07/2023

There are significant changes coming to Australia's AML/CTF Regime. The Australian Government intends to extend the regime to include additional high-risk professions, known as 'Tranche 2' entities. To see if these changes will affect you and sign up to our dedicated updates, please visit our website.

Australia is one of the few jurisdictions that does not currently regulate “Tranche 2 entities”, however under the Commonwealth Attorney General’s Department's proposed reforms to the AML/CTF regime…