ASIC has announced that it has begun its first nationwide surveillance activity to detect businesses or people engaging in credit activities who are not registered with ASIC.

Since 1 July 2010, it has been an offence to engage in credit activities (e.g. acting as a lender, or as a credit broker) if not registered with ASIC.

The maximum criminal penalties for operating without registration or a licence are $22,000 for individuals and $110,000 for corporations, or two years imprisonment, or both; or civil penalties of up to $220,000 for individuals and $1.1 million for corporations, partnerships or multiple trustees.

ASIC has also announced it has cancelled 2 credit registrations in which the applicants either failed to make a relevant disclosure or made a false statement.