Australia: ASIC Releases Findings upon Review of Five Bank’s Fraud Protection Systems and Calls for Improvements

On August 9, 2018, the Australian Securities & Investments Commission (ASIC) released Report no. 584 on “Improved protections for deposit accounts with third-party access”, following a review it carried out on advisor-operated deposit accounts offered by respective banks.

In light of the investigation of the conduct of Sherwin Financial Services, ASIC initiated this review, with the aim of checking whether the five banks implemented adequately robust measures and controls to ensure the protection of their customers who hold such accounts against the risk of advisor fraud and unauthorised transactions.

The banks under review are:

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