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 edition, we cover coordinated enforcement action by APRA and AUSTRAC against multiple banks for deficiencies in AML/CTF risk management and broader governance frameworks.
We also look at recent Federal Court penalties of $925,000 imposed on a Licensee and Authorised Representative for accepting conflicted remuneration, and an enforceable undertaking accepted by APRA following serious weaknesses in a Licensee’s investment governance, impacting members invested in now-collapsed funds.
Further updates include ASIC’s revised conflicts of interest guidance for Licensees and AFCA’s latest developments on complaints arising from the collapse of the Shield and First Guardian Master Funds, including four lead decisions.
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