ASIC has published an updated version of the ePayments Code, effective from 2 June 2022. Background.
In addition to extending the Code to cover payments made using the New Payments Platform, ASIC has also updated the following areas of the Code:
- compliance monitoring and data collection;
- mistaken internet payments;
- unauthorised transactions;
- complaints handling; and
- facility expiry dates.
The amended definition of “mistaken internet payment” is:
a payment by a user through a pay anyone banking facility and processed by an ADI where funds are paid into the account of an unintended recipient because the user enters or selects a BSB number and/or identifier that does not belong to the named and/or intended recipient as a result of:
› the user’s error, or
› the user being advised of the wrong BSB number and/or identifier.
Note: The definition of mistaken internet payment is intended to relate to typographical errors when inputting an identifier or selecting the incorrect identifier from a list. It is not intended to cover situations in which the user transfers funds to the recipient as a result of a scam.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
