58BJ
In forceTaking reasonable steps to prevent scams from being committed—civil penalty provision
Volume 2Chapter 4, Part IVC to Chapter 6, Part IX (sections 55 to 113)
Chapter 4Provisions relating to particular industries, payment surcharges etc.
Part IVFScams Prevention Framework
Division 2Overarching principles of the Scams Prevention Framework
Subdivision CSPF principle 2: Prevent
58BJ Taking reasonable steps to prevent scams from being committed—civil penalty provision
(1)
A regulated entity contravenes this subsection if the entity fails to take reasonable steps to prevent another person from committing a scam relating to, connected with, or using a regulated service of the entity.
Note:
Sections 58GA to 58GC extend the meaning of person for partnerships, unincorporated associations and trusts.
(2)
Subsection (1) is a civil penalty provision.
Note:
This means subsection (1) is a civil penalty provision of an SPF principle for the purposes of section 58FJ (about civil penalties).
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