The Anti-Money Laundering and Countering Financing Act 2009 (AML/CFT Act) - It is Serious - Get Specialist Legal Advice!

The AML/CFT Act was extended to lawyers and conveyancers on 1 July 2018. It will be extended to accountants on 1 October 2018 and will be further extended to Real Estate Agents on 1 January 2019. We also consider many financial service providers (including in some cases of businesses offering credit contracts) may be unaware that they are required to comply with the AML/CFT Act or may not be meeting the standards required.
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Mainzeal: Reckless Trading

In Mainzeal1 the former directors were held liable for a breach of section 135 of the Act. Richard Yan, (who was the founder and main shareholder of Mainzeal's parent company, Richina Pacific) was ordered to pay compensation of $36M. Each of the other directors (Shipley, Tilby and Gomm) were held liable to contribute $6M each towards that $36M.
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