Banking and Finance Point-in-Time Service Updates

The Banking and Finance Point-in-Time Service has been updated to include the Proceeds of Crime Amendment (Proceeds and Other Matters) Act 2018 (Act 21 of 2018), the Intelligence Services Amendment (Establishment of the Australian Signals Directorate) Act 2018 (Act 25 of 2018),  the National Consumer Credit Protection Amendment (Credit Cards) Regulations 2018 and the Treasury Laws Amendment (Putting Consumers First - Establishment of the Australian Financial Complaints Authority) Regulations 2018.

Act 21 of 2018

The Act contains a range of measures to:

• align the Commonwealth unexplained wealth regime with other types of orders in the Act to ensure that it covers situations in which wealth is ‘derived or realised, directly or indirectly’ from certain offences
• clarify that property becomes ‘proceeds’ or an ‘instrument’ of an offence under the Act when ‘proceeds’ or an ‘instrument’ are used to improve the property or discharge an encumbrance security or liability incurred in relation to the property, and
• clarify that property or wealth will only be ‘lawfully acquired’ in situations where the property or wealth is not ‘proceeds’ or an ‘instrument’ of an offence.

Act 25 of 2018

The Act implements the recommendations of the 2017 Independent Intelligence Review to establish the Australian Signals Directorate (ASD) as an independent statutory agency within the Defence portfolio reporting directly to the Minister for Defence, as endorsed by Government. The Act also includes a number of other related amendments following the establishment of ASD.    

National Consumer Credit Protection Amendment (Credit Cards) Regulations 2018

These regulations make consequential changes to the National Consumer Credit Protection Regulations 2010 to support the Government’s reforms to the National Consumer Credit Protection Act 2009 to improve consumer outcomes under credit card contracts.    

Treasury Laws Amendment (Putting Consumers First - Establishment of the Australian Financial Complaints Authority) Regulations 2018

This instrument makes consequential amendments to seven regulations as a result of the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018.

The amendments made by these Acts, and the new Regulations, have been updated in the Point-in-Time Banking and Finance Service current to 2 May 2018. (NB: Subscription required).

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