Regulator moves to resolve drafting concerns
Brokers are not expected to take any steps towards compliance until AUSTRAC’s position has been finalised and published. The confirmation follows joint advocacy by the Mortgage & Finance Association of Australia (MFAA) and the Commercial & Asset Finance Brokers Association of Australia (CAFBA), which raised concerns that the drafting of a new designated service, relating to organising equity or debt financing, could unintentionally capture traditional commercial finance broking activities. AUSTRAC has confirmed it is now reviewing the point.
