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CHANGES TO ASIC LICENSING. 22 May 2018
At a liaison meeting between ASIC and professional licensing consultants in March this year, we were warned not to expect a return to the good ol’ days of 2 month turnarounds on AFS and credit licence applications – ever! It seems that ASIC considers 6 months to be an acceptable minimum. Here’s  ..
LEVERAGE INSURANCE TO NEGOTIATE FAIRER CONTRACTS. 30 Apr 2018
In November 2016, the Australian Consumer Law (ACL) introduced new protections for small business. These prevent (often larger) businesses from trying to rely on unfair contract terms. The Federal Court recently decided the first court case on this legislation. The case involved waste manag ..
THE FOLDTASTIC 4 COASTREKS FOR SIGHT. 20 Apr 2018
On 16 March, the Foldtastic 4 took on the challenge of Sydney Coastrek 2018 to raise money for the Fred Hollows Foundation. We walked 60 kms - from Manly to Bondi Beach. The Foldtastic 4 included Sonia Cruz, Jonathan So, Chris Deeble and myself. A special mention to Jessica Fraser who was bo ..
IT'S AML-CTF REVIEW TIME. 16 Apr 2018
AUSTRAC is serious about anti-money laundering and counter terrorism (AML-CTF). Just take a look at their recent actions against the Commonwealth Bank of Australia (http://www.austrac.gov.au/media/media-releases/austrac-expands-civil-penalty-case-against-cba). Any business that has an AML-C ..
CRYPTOCURRENCY EXCHANGES ARE NOW REGULATED. 06 Apr 2018
This week new laws came into effect that require anyone who operates a digital currency exchange (DCE) to comply with anti-money laundering and counter-terrorism financing (AML-CTF) regulations. This includes anyone who allows traders to buy and sell Bitcoin, Ethereum and other digital and crypt ..
IT'S TIME TO PAY UP - ASIC'S NEW FUNDING SYSTEM. 03 Apr 2018
ASIC’s new fee and levy structure, introduced on 1 July 2017 means that users now pay for most of the regulator’s costs. As of June this year, you’ll need to start providing information to ASIC about your business so they can calculate your levy. Different payment methods and calculations w ..
ARE CHATBOTS PROVIDING FINANCIAL SERVICES? 19 Mar 2018
Many financial services businesses now use technology, such as algorithms and chatbots, to help attract and service their customers. While some organisations may create their own chatbot software, most use a third party technology provider. In these cases, generally the software is licensed ..
WHEN IT’S ILLEGAL TO OFFER AN INCENTIVE FOR REFERRALS 09 Mar 2018
If you’re trying to grow your business or want to bring more customers to your door, at some point you’re bound to consider implementing a referral program and incentives for making referrals. Referral incentives involve offering a reward to your customers for sending new customers to you.  ..
SIMPLIFY INVESTMENTS WITH BARE TRUSTS. 02 Mar 2018
A small number of sophisticated or wholesale investors can use a bare trust to access investments. They’re convenient as a ‘single-investor’ model, where each asset needs to be separately identified and held on trust for a specific beneficiary. That’s why a bare trust works well for things l ..
BUY NOW PAY LATER CONSUMER PROTECTIONS NOT CLEAR CUT. 06 Feb 2018
Sales are booming for buy now pay later services. One of the largest operators, Afterpay, achieved more than $900 million in sales in the first half of this financial year. The services let consumers buy products online or in store immediately and pay for them at a later date. The service  ..
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