6 December 2021
The ABA strongly recommends the Bill be amended to apply the OP Code more clearly and narrowly to the digital platforms on which the Inquiry focussed and the banking sector be expressly excluded from the definition of OP Organisations. The annexure provides detail in support of the recommendation. Additionally, in part two of the annexure we make suggestions in relation to the OP Code development, the OP Code scope and drafting matters relating to the Bill.
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The ABA continues to support the intent of the CSLR as a last-resort scheme that compensates genuine victims where they have suffered actual financial loss as a result of financial misconduct that they have otherwise been unable to recover.
The Australian Banking Association (ABA) welcomes the opportunity to make a submission to the Treasury consultation Registry Stabilisation and Uplift – draft legislation (the consultation).
The Australian Banking Association welcomes the opportunity to comment on the Consultation Paper – 2026 Reforms to the AML/CTF Act.