58BYReporting about the outcomes of investigations of activities that are the subjects of actionable scam intelligence—civil penalty provision

58BY Reporting about the outcomes of investigations of activities that are the subjects of actionable scam intelligence—civil penalty provision

(1) This section applies if a regulated entity has actionable scam intelligence about an activity relating to, connected with, or using a regulated service of the entity.

Civil penalty provision

(2) The entity contravenes this subsection if the entity fails to give a report about the actionable scam intelligence:

(a) to the SPF general regulator:

(i) before the end of the period prescribed by the SPF rules that starts at the end of the period referred to in paragraph 58BZA(2)(d) for that intelligence; and

(ii) in the manner and form prescribed by the SPF rules; and

(b) that contains the kinds of information prescribed by the SPF rules.

Note: This subsection only applies to the entity when the SPF rules prescribe matters for paragraphs (a) and (b) that apply to the entity.

(3) Subsection (2) is a civil penalty provision.

Note: This means subsection (2) is a civil penalty provision of an SPF principle for the purposes of section 58FJ (about civil penalties).

(4) For the purposes of (but without limiting) subsection (2), the SPF rules may prescribe:

(a) that the report may be given via access to a specified data gateway, portal or website; and

(b) that the report set out whether the entity reasonably believes that the activity that is the subject of the intelligence is a scam; and

(c) different matters for different kinds of regulated entities.

Note: For more about the data gateways, portals or websites referred to in paragraph (a), see section 58BT.

(5) The report may be required to include SPF personal information.

(6) A duty of confidence owed under an agreement or arrangement is of no effect to the extent that it is contrary to this section.