Taking reasonable steps to detect scams—civil penalty provision
58BM Taking reasonable steps to detect scams—civil penalty provision
A regulated entity contravenes this subsection if the entity fails to take reasonable steps to detect a scam relating to, connected with, or using a regulated service of the entity.
Subsection (1) is a civil penalty provision.
This means subsection (1) is a civil penalty provision of an SPF principle for the purposes of section 58FJ (about civil penalties).
Without limiting subsection (1), the regulated entity fails to take reasonable steps to detect a scam relating to, connected with, or using a regulated service of the entity if the entity fails to take reasonable steps to:
detect such a scam as it happens; or
detect such a scam after it happens.
For further details about the meaning of reasonable steps, see sections 58BB and 58BP.
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