AML/CTF Update 2
Executive Summary Here’s some of the most frequently asked questions we are receiving. FAQ’s Answer Do I need to keep copies of ID documents? Not necessarily. Check your AML program. How do I check if someone is a PEP or sanctioned person? Ask the client their occupation and consider using some of the open-source searches cited in this […]
AML/CTF Update
Executive Summary AUSTRAC has advised that the following are not regulated designated services: Conveyancers acting for a seller who receive a deposit from a buyer in their trust account; Bookkeepers processing routine payments for clients. Update – in detail On 12 June 2026, AUSTRAC provided some further guidance in relation to certain professional designated services. The guidance is in the form of an update to its Professional Designated Services […]
Copyright Update – Dallas Buyer’s Club Proceedings Discontinued
DBC LLC, the company that owns the rights to the 2013 movie Dallas Buyer’s Club, has abandoned its case against Australians that illegally downloaded the movie. DBC was originally seeking that internet service providers such as iinet, the key defendant in the case, provide them with the personal details of over 4,000 customers who had […]
Just How Important Are Dispute Resolution Clauses?
The recent Queensland Supreme Court decision in Santos Limited v Fluor Australia Pty Ltd[2016] QSC 129 demonstrates how parties to a commercial agreement have an obligation to follow dispute resolutions clauses, no matter how futile they may first seem. The Facts Santos Limited (Santos) and Fluor Australia Pty Ltd (Fluor) entered into a project which […]
ASIC Uncovers ‘Misleading And Deceptive’ IPOs
On 14 July 2016, ASIC released its report into due diligence practices in initial public offerings (IPOs). The report has exposed a number of key problems, particularly in the prospectuses of some small and mid-size issuers of IPOs, and provides guidance on good due diligence practices for those planning to raise capital in the […]