An Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL) holder was having difficulty identifying which entities, trusts and individuals were required to be identified for Know Your Customer (KYC) purposes prior to transacting with its clients. We developed an easy-to-understand flow chart for the KYC process, and presented a training session for relevant employees. We also revised the business’ Anti-Money Laundering and Counter-Terrorism Financing Program, detailing the KYC obligations.

We assisted with AML/CTF compliance for an entity providing loans to its franchisee network. Whilst ‘franchising’ is not often equated with money laundering risks, the business was considered to be providing a “designated service”, thereby invoking the application of the AML/CTF regime. We drafted a full AML/CTF Program for the business, covering both parts A and B, assisted with their risk assessment, and advised on the AML/CTF legislative reforms.

We advised an entity on the process of applying for, and its prospects of successfully obtaining, an AML/CTF enrolment exemption. This entity was offering cash based services to customers in a vulnerable sector of our community. Our strategic positioning involved speaking with AUSTRAC and providing advice to the client on both the “technical” and “real life” considerations that would likely inform AUSTRAC’s decision.

Macpherson Kelley successfully defended a large recreational vehicle manufacturer in a hard-fought Federal Court case brought by the ACCC for misleading and deceptive conduct and unconscionable conduct. Aside from the Court finding one instance of misleading and deceptive conduct, the remainder of the proceeding (involving some 15+ other allegations) was otherwise dismissed.

A consumer whitegoods rental business was raided by ASIC for suspected breaches of the National Consumer Credit Code. The business was facing prosecution and significant fines, and the Director was personally facing jail time. We developed a strategy to bring the business into full compliance by preparing the required documentation and conducting practical training for staff. Through extensive negotiation, we successfully demonstrated to ASIC the breaches were inadvertent. The client was grateful to have a strong advocate in us, and it goes without saying the Director was immensely relieved to avoid jail time and fines. In a final positive result, ASIC was so impressed with the content of the compliance documentation developed by us for the business, it used the documentation as a yardstick to measure the level of compliance of others.