AST ASIC Whistleblower Protection

On Jun. 30, AST ASIC issued guidance on whistleblower protections.

  • AST ASIC guidance for company officers, auditors on whistleblower protection regime.
  • INFO 246 company auditor obligations under the whistleblower protection provisions.
  • And INFO 247 company officer obligations under whistleblower protection provisions.
  • Follows AST ASIC Dec. 2019 reminded companies of whistleblower laws, see #69512.
  • Guidance Key Aspects
  • AST ASIC released information sheets to help companies, their officers and auditors understand, comply with obligations under corporate whistleblower protection regime.
  • It encourages all companies and audit firms to put in place arrangements for handling whistleblower disclosures even if company is not required to have policy under law.
  • The Corporations Act 2001 (Corporations Act) provides strong protections for whistleblowers to encourage them to come forward with their concerns.
  • They have right to confidentiality and are protected from reprisals and legal action for reporting their concerns, they can access these rights and protections by reporting.
  • Their concerns to a company officer or company auditor, thus, it is important for company officers and company auditors to understand their obligations.
  • To handle whistleblower disclosures in line with regime requirements; sheets provide guidance to develop arrangements for handling effective disclosures, tailored to firms.
  • Also guidance for company officers and company auditors on obtaining consent from whistleblowers to disclose their identity if required for investigations.
  • How to address any employment issues involving a whistleblower and their disclosure.

Regulators AST ASIC
Entity Types Auditor; B/D; Bank; Corp; IA; Ins; Inv Co
Reference Gd, INFO 246; INFO 247, PR, 6/30/2020;
Functions Accounting; AML; Anti-Bribery; Compliance; C-Suite; Financial; HR; Legal; Operations; Privacy; Reporting; Risk
Countries Australia
Products Banking; Corporate; Fund Mgt; Insurance; Mutual Funds; Securities
Regions AP
Rule Type Guidance
Rule Date 6/30/2020
Effective Date 6/30/2020
Rule Id 80975
Linked to Rule :69512
Reg. Last Update 6/30/2020
Report Section AML & Enforcement

Last substantive update on 07/02/2020