Financial Services Newsletter – April

Welcome to the latest edition of our Financial Services Compliance Newsletter.

Each month, we provide key regulatory updates, compliance insights, and industry developments impacting the financial services sector. In this issue, some of the key topics include:

• AUSTRAC has written to businesses in the wealth management sector raising concerns regarding low reporting rates and deficiencies in their internal AML/CTF risk management practices

• ASIC has released an 18-month implementation roadmap outlining a timeline for the commencement and implementation of the upcoming digital assets legislative reforms

• ASIC announced it is conducting significant work in respect of scam websites, and developed the Moneysmart Retirement Hub

• The Treasury has released a consultation seeking feedback on draft legislation proposing stronger regulatory and sanctioning powers for the Tax Practitioners Board

• ASIC has banned a former financial adviser for 10 years in connection with the Shield and First Guardian Master Fund collapses

Read the full newsletter here.

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This publication has been prepared for general guidance on matters of interest only and does not constitute professional legal advice.  You should not act upon the information contained in this publication without obtaining specific professional legal advice.  No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and to the extent permitted by law, Cowell Clarke does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting or refraining to act in relation on the information contained in this publication or for any decision based on it.