We regularly advise upon all legislation relevant to banking operations, including:
- the Uniform Consumer Credit Code (UCCC);
- Financial Services Reform Act (FSRA);
- Financial Accountability Regime (FAR);
- Financial Transactions Reporting Act (FTRA);
- Anti-Money Laundering / Counter-Terrorism Funding Act (AML/CTF);,
- Banking Act;
- the Payment Systems (Regulation) Act;
- Code of Banking Practice;
- EFT Code of Conduct;
- National Privacy Principles, and;
- credit reporting provisions of the Privacy Act.
We provide market-leading advice in relation to all aspects of payment systems law, and our leading market status is demonstrated by our role as the Reserve Bank's principal legal adviser on payment systems reform.
We advise on all aspects of access to bank accounts, including card access, redraw facilities, account linkage, electronic banking and BPAY. We have drafted numerous electronic banking terms and conditions, agreements for the distribution of financial products through cards and electronically and, have done considerable work in relation to smartcards.
We regularly clear and settle advertising material and advise on marketing compliance with the relevant legislation for our banking clients. Our experience also includes advice and development of new financial products or product features, advice on distribution and avoiding exclusive dealing, and consumer and small business issues regarding unconscionable conduct and use of substantial market power.
Our team consults with regulators and participates in industry and government initiatives. Our team keep abreast of AML/CTF legislative and administrative developments. For example, one of our team is a member of an AML Working Group established by the Ministerial Advisory Group, the Government's primary forum for consultation with industry on the development of AML/CTF financing laws and policy.