24 November 2021
These ABA Sanctions Guidelines are intended for Australian Banking Association (ABA) member banks.
The guidelines are not legally binding. They aim to set out good industry practice for ABA members and their staff in relation to sanctions requirements.
These guidelines were updated December 2021.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.