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regulatory
technology

ASIC helps strengthen the fight against imposter scams in financial services

ASIC is enhancing its Professional Registers Search (PRS) to help consumers identify legitimate financial services websites and combat imposter scams. By collecting and publishing the website addresses of Australian financial services (AFS) licensees, ASIC aims to provide a reliable resource for verification. This initiative will assist both consumers and businesses in distinguishing genuine entities from fraudulent ones, strengthening the fight against financial scams.

ASIC·
ASIC helps strengthen the fight against imposter scams in financial services
legal
leadership

Former Star Entertainment executives Mathias Bekier and Paula Martin disqualified and ordered to pay penalties

Former Star Entertainment Group executives, Mathias Bekier and Paula Martin, have been disqualified from managing corporations for six and seven years, respectively, by the Federal Court. They were also ordered to pay pecuniary penalties of $700,000 and $400,000 for breaching their duties in managing money laundering and criminal activity risks at the casino. The Court previously found that both Mr. Bekier and Ms. Martin breached their duties to Star Entertainment.

ASIC·
Former Star Entertainment executives Mathias Bekier and Paula Martin disqualified and ordered to pay penalties
regulatory
legal

ASIC successful in High Court Block Earner appeal

ASIC has won an appeal in the High Court, establishing that Block Earner's 'Earner' fixed-yield digital asset product was a financial product requiring an Australian financial services licence. The High Court's unanimous 7-0 ruling overturns a previous Federal Court decision and confirms that the product was also a derivative. This decision ensures that investors using such products are afforded important protections under financial services regulations.

ASIC·
ASIC successful in High Court Block Earner appeal
regulatory

ASIC expands list of known entities involved in lead generation

ASIC has augmented its list of entities engaged in lead generation, adding 19 new names to the initial 44 published earlier. This initiative aims to foster transparency for consumers and investors within the financial system by identifying firms involved in lead generation, acting as referral partners, or as advice licensees acquiring leads since July 2024. The move advises caution for consumers interacting with businesses that use lead generation, especially those exhibiting high-pressure tactics, while financial advisers and licensees are urged to ensure compliance with legal obligations when using such services.

ASIC·
ASIC expands list of known entities involved in lead generation
legal
regulatory

Federal Court orders $35 million penalty against HSBC for scam protection failures

HSBC Bank Australia has been ordered to pay a $35 million penalty by the Federal Court for failing to protect customers from scams. The bank admitted to serious failures, including slow investigation times for customer scam reports and inadequate controls on key payment systems. This ruling underscores banks' responsibility to implement effective scam protection measures for their customers.

ASIC·
Federal Court orders $35 million penalty against HSBC for scam protection failures
regulatory

ASIC bans Brett Anthony Newbound from providing financial services for 10 years and cancels licenses of Freedom Wealth Services Pty Ltd

ASIC has banned Brett Anthony Newbound from providing financial services for 10 years and canceled the licenses of Freedom Wealth Services Pty Ltd. Mr. Newbound, the sole director, was found to have used unprovided client signatures and fabricated client interaction notes to justify charging ongoing service fees. This conduct led ASIC to determine he was not a fit and proper person for the financial and credit services industries.

ASIC·
ASIC bans Brett Anthony Newbound from providing financial services for 10 years and cancels licenses of Freedom Wealth Services Pty Ltd
legal
regulatory

Full Federal Court dismisses ASIC appeal on HCF Life unfair contract term finding

Australia's financial regulator, ASIC, lost an appeal regarding an 'unfair contract term' used by HCF Life. The Full Federal Court dismissed ASIC's case, which aimed to clarify how unfair contract terms apply to insurance products. ASIC is currently reviewing the implications of this decision.

ASIC·
Full Federal Court dismisses ASIC appeal on HCF Life unfair contract term finding
legal

Former Metigy CEO David Fairfull sentenced to nine years’ imprisonment

David Fairfull, former CEO of AI marketing company Metigy, has been sentenced to nine years in prison for making false and misleading statements to investors and dishonestly using his position as a director. The Federal Court convicted Mr Fairfull for his misconduct after an investigation by ASIC. This sentencing underscores ASIC's commitment to prioritizing the investigation and prosecution of breaches related to directors' duties.

ASIC·
Former Metigy CEO David Fairfull sentenced to nine years’ imprisonment
product

Manage options

APS, a payment provider, highlights its role in enabling B2B growth through digital currency payment rails and its focus on tackling financial crime in digital transactions. The company also promotes its participation in industry events like iFX EXPO Dubai 2025. These activities showcase APS's commitment to advancing payment solutions and engaging with the wider fintech community.

APS·
Manage options
other

Get in Touch

APS.Money provides a contact form for users to inquire about their payment solutions. The form asks for work email, country/region, and details about the inquiry. This indicates their focus on customer engagement and business development.

APS·
Get in Touch

Industry news

The provided content is a list of blog posts from aps.money categorized as 'Industry news'. These articles cover various topics within digital payments, fintech, and B2B transactions, including fiat-pegged digital currencies, payment predictions, cross-border payments, digital wallets, and the role of AI in fraud detection.

APS·
APSAPS
other

Company\\ \\ **APS in 2024: year end highlights** \\ \\ Events that shaped our year IFX EXPO Dubai  Date: January 16 – 18, 2024 Venue: Dubai World T...\\ \\ 1 January 20254 min read

APS has released its year-end highlights for 2024, detailing its participation in significant fintech and financial services events such as iFX EXPO Dubai, Money20/20 Amsterdam, and iFX EXPO Limassol. The company showcased its online payment solutions and engaged in networking, strengthening its presence and gaining insights into emerging payment technologies. APS emphasized its commitment to seamless business transactions and building lasting client relationships.

APS·
Company\\ \\ **APS in 2024: year end highlights** \\ \\ Events that shaped our year IFX EXPO Dubai  Date: January 16 – 18, 2024 Venue: Dubai World T...\\ \\ 1 January 20254 min read
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