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Home Forums Australian Financial Services Licensing (AFSL) Forum client subject to fraudulent activity on investment platform. What are the AFSL\'s reporting requirements to authorities?

This topic contains 1 reply, has 2 voices, and was last updated by  Michelle Chasser 5 years, 8 months ago.

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  • #4622 Reply

    A client had their email accounts hacked. AFSL received email request for withdrawal of funds from investment platform (super – client over 65). Original forms received relating to same, with signature matching certified ID. Forms had new bank account after “client” (via hacked email) notified old account was closed.

     

    What are the AFSL’s reporting requirements to relevant authorities? AUSTRAC? Local/Federal police? Client (UK resident) has notified UK police and will contact NSW police.

     

    Assistance appreciated.

     

    Patrick

    #4626 Reply

    Hi Patrick,

     

    The requirements are complex and we would strongly advise you and/or your client seek legal advice, especially given the nature of this matter.

     

    It is likely the incident will need to be reported to AUSTRAC and the Police.  You should also consider whether it needs to be recorded on the AFSL’s breach register.

     

    For further information contact our financial services team.

     

    Author: Michelle Chasser

    Co-contributor:  Georgia Dixon

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Reply To: client subject to fraudulent activity on investment platform. What are the AFSL\'s reporting requirements to authorities?

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