58BNInvestigating actionable scam intelligence—civil penalty provision

58BN Investigating actionable scam intelligence—civil penalty provision

(1) A regulated entity contravenes this subsection if the entity:

(a) has actionable scam intelligence about an activity relating to, connected with, or using a regulated service of the entity; and

(b) fails to take reasonable steps to investigate whether or not the activity is a scam during the 28‑day period starting on the day that the intelligence becomes actionable scam intelligence for the entity.

(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).