ASIC credit surveillance commences

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.

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