Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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).