On 9 August, ASIC announced that five Australian banks will improve their compliance measures and controls for deposit accounts that can be operated by a third party, such as a financial adviser.

ASIC’s review looked at the policies, procedures and controls that banks have in place to prevent fraud and unauthorised transactions for consumers who have deposit accounts that can be operated by their adviser.

ASIC’s review did not identify concerning levels of fraud, but found that banks could do more to manage the risks to customers associated with third party access to money in customers’ accounts.

ASIC prepared a report following the review, Report 584 Improved protections for deposit accounts with third-party access.