Australian banks and other financial institutions are now subject to a new Financial Accountability Regime, which came into effect on March 15 after passing into law in September 2023.
The FAR rules, also knowns as Minister Rules, foresee significant sanctions for both institutions and individuals. Individual executives potentially face fines of A$1.565mn ($1mn) and may be disqualified from senior manager roles in institutions regulated by Australia’s prudential supervisor Apra in the case of a breach.
