NCCP & Credit Licence Fines
Definition
Brokers handling loan applications without proper Verification of Identity (VoI) or income docs face ASIC enforcement for breaching credit license conditions.
Key Findings
- Financial Impact: AUD 22,000 - 220,000 civil penalty per contravention; up to AUD 1.1M for corporations
- Frequency: Per non-compliant application or systemic failure
- Root Cause: Manual document collection fails to meet 100-point ID check or income verification standards
Why This Matters
The Pitch: Loan brokers in Australia 🇦🇺 risk AUD 50,000+ fines per breach on loan applications. Automation of document intake and verification eliminates this risk.
Affected Stakeholders
Loan Brokers, Compliance Officers, Application Processors
Deep Analysis (Premium)
Financial Impact
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Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Related Business Risks
Delayed Commission Settlement
AML/CTF Document Verification Failures
Broker Fee Disclosure Non-Compliance Penalties
Manual Disclosure Preparation Overhead
Lost Deals from Disclosure Delays
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