Broker liability, penalties for false statements, dumping duties and an application to the High Court on TCOs

LIABILITY FOR FALSE STATEMENTS TO CUSTOMS – FINES PLUS FORFEITURE OF THE GOODS Three individuals who made deliberately false statements in an attempt to evade duty each received fines equal to double the amount of the underpa...

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Responsible Lending Obligations: Saving Borrowers from Themselves

Credit legislation often has a "sting in the tail” - something that was not readily apparent when the legislation was first framed but then comes back to haunt credit providers down the track. We are reminded of what happened...

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Anti-Money Laundering Legislation: Period of Grace for Implementation of New Customer Due Diligence Requirements Nears an End

Readers may recall that on 1 June 2014 amendments to the Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) commenced. These rules were made under the Anti-Money Laundering and Counter-Terrorism Financing ...

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Victoria Broadens Verification of Identity Requirements for Paper-Based Conveyancing Transactions

In September last year, new rules were introduced in Victoria requiring mortgagees/lenders to take positive steps to verify the identity of mortgagors/borrowers and their authority to deal with the land being mortgaged. These chan...

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E-conveyancing: Verification of Identity Changes, What a Relief

Version 3 of the Model Participation Rules (MPR) removes the nexus between verifying identity and witnessing transaction signatures. Lenders and those involved in the finance industry will be greatly relieved by the Australian...

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Consultation on the Regulation of Small Amount Credit Contracts and Consumer Leases

In August 2015 the Assistant Treasurer Josh Frydenberg announced a review of the small amount credit contract (SACC) laws, a review process that is required by statute to take place under the National Consumer Credit Protection Ac...

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