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Financial Firm Sentenced for Non-Compliance
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Odyssey Equity Finance Pty Ltd, a Victorian AFSL, was sentenced for failing to lodge financial reports from 2020 to 2022. Despite medical grounds, the firm avoided conviction with a $2,500 recognizance. The penalty was below the potential $1,332,000 per contravention.
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How can regulatory bodies ensure compliance without compromising genuine medical cases?
What impact does leniency in such cases have on overall financial regulatory practices?
What measures could AFSLs implement to avoid future non-compliance issues?
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money