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Obligations/CWLTH

Comply with Financial Accountability Regime (FAR) accountability obligations

Banking entities from 15 March 2024; insurers and super trustees from 15 March 2025.

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Who must comply

Banking entities, insurance entities and RSE licensees, plus significant related entities.

What triggers it

Being a FAR-regulated entity.

When due

Continuous; specific events trigger ASIC/APRA notifications.

Evidence required

Accountability statements, accountability map, deferred remuneration arrangements, accountable persons register.

Max penalty

Civil penalties up to $1.65M (individuals); for entities, the greater of $16.5M, 3× benefit or 10% of annual turnover

Effective from

15 March 2024

Summary

The Financial Accountability Regime extends BEAR-style accountability across banking, insurance and superannuation. Requires registration of accountable persons, accountability statements and maps, deferred remuneration arrangements, and breach reporting to ASIC/APRA.

Enforced by

Source legislation

Industries

banking adiinsurance generalsuperannuation trusteesprivate health insurers

Topics

faraccountabilityexecutives

Related obligations

Frequently asked questions

Who must comply with Financial Accountability Regime (FAR) accountability obligations?
Banking entities, insurance entities and RSE licensees, plus significant related entities.
What triggers Financial Accountability Regime (FAR) accountability obligations?
Being a FAR-regulated entity.
When is Financial Accountability Regime (FAR) accountability obligations due?
Continuous; specific events trigger ASIC/APRA notifications.
What is the maximum penalty for Financial Accountability Regime (FAR) accountability obligations?
Civil penalties up to $1.65M (individuals); for entities, the greater of $16.5M, 3× benefit or 10% of annual turnover
What evidence is required for Financial Accountability Regime (FAR) accountability obligations?
Accountability statements, accountability map, deferred remuneration arrangements, accountable persons register.

Source: https://apra.gov.au/financial-accountability-regime. Rules Mate is not a law firm. Always verify against the live regulator source before acting.