MLR1PP5100 - Penalties Guidance: Disclosed non-compliance with registration requirements

This will apply in the following circumstances:

• a new business applies to register after it commenced trading
• a business applies to re-register after cancellation of its registration and trades unsupervised during the period when it was not registered

These breaches will be identified when processing registration applications and our Registration Team will remain responsible for issuing appropriate letters and penalties. For further guidance on deciding the most appropriate action see MLR1PP4800.

Because the breach will normally have only been for a short period of time and will have been identified by disclosure, the officer may decide that there are extenuating circumstances, and a penalty may not be appropriate.