Update | Banking and Finance | February 2019

In this issue Royal Commission releases its final report Mutual sector announces review of Customer Owned Banking Code of Practice Banks have until July 2019 to comply with new Banking Code of Practice AFCA and the s...

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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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“The Sleeper Awakes” e-Conveyancing: The Right to Deal

In e-Conveyancing, most of the focus to date has been on how to satisfy verification of identity (VOI) requirements. The VOI obligation is to take reasonable steps to verify the identity of each party to the conveyancing transacti...

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VCAT Advisory Opinion Limits the Cost of Essential Safety Measures to Commercial and Retail Tenants

To help Victorian leaseholders and landlords avoid disputes, new guidance has been issued about the limits on maintenance and repair costs a landlord can pass on to tenants. On 1 May 2015, Justice Garde, a Supreme Court Judge a...

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Dismissing or Striking out Claims of Concurrent Wrongdoing: VCAT Decision Provides Clarification

Recently, in Parsons v Stat Bay Pty Ltd1, the Victorian Civil and Administrative Tribunal ("VCAT") considered the circumstances which will warrant the dismissal or striking out of claims of concurrent wrongdoing: for want of ...

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Tariff Classification of Multi-Function Goods: Lessons From the AAT

As products evolve, tariff classification becomes increasingly challenging.  This is primarily due to modern products being designed to be multi-functional. Recently, a decision by the Australian Administrative Appeals Tribuna...

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