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Caroline Marshall presented on the Scams Prevention Framework Bill, which aims to strengthen scam prevention across banking, telecommunications, and technology sectors. The bill establishes a regulatory structure involving multiple regulators, including the ACCC and ASIC, and requires regulated entities to develop governance frameworks and comply with specific principles for detecting and reporting scams. While the framework includes consumer redress mechanisms, details on compensation for scam victims remain vague. The discussion highlighted the need for clarity regarding the implementation and enforcement of these regulations.
Banking Discussion Group: Scam Prevention Framework
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