- Crackdown followed scandals being uncovered in the banking royal commission
- Criminal convictions under the new reforms warrant up to 10 years behind bars
- Corporations could be hit with fines up to $9.45million or 10 per cent of revenue
Fines of up to $210million or 10 per cent of annual revenue could be issued to major banks and financial services companies in a new government scheme targeting dodgy banks.
The harsh crackdown on misconduct followed the banking royal commission where a plethora of scandals within the sector were exposed, The Australian reported.
Not only will banking executives and directors be hit with more hefty sentences, the Australian Securities and Investments Commission is set to be given more power to investigate dodgy dealings.
Finance Minister Mathias Cormann (pictured) announced the government would consider extending the Hayne royal commission by a year
Up to 10 years in prison is on the table for criminal convictions under the reforms, along with a $945,000 fine.
Large corporations could be hit with fines up to $9.45million or 10 per cent of their annual turnover.
A fine of $1.05million awaits individuals who commit civil offences, and $210million for corporations.
The widespread clampdown came as Finance Minister Mathias Cormann announced the government would consider extending the Hayne royal commission by a year.
The harsh crackdown on misconduct followed the banking royal commission where a plethora of scandals within the sector were exposed (file picture)
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