The Australian Competition and Consumer Commission (ACCC) is preparing to propose legislation to hold accountable platforms that allow scammers to deceive the public. While Australia already has laws in place that apply to telecommunications providers, scammers increasingly rely on online platforms to deceive consumers. The draft legislation does not specify the actions platforms must take, but failure to comply could result in fines of up to $50 million AUD, three times the revenue gained from the misconduct, or 30% of revenue during the period of misconduct. The ACCC hopes to have the legislation in place by the end of this year.
Meta declined to comment on this legislation, but the company has previously indicated a preference for self-regulation over mandated laws.
Source: Yahoo! Finance
TLDR: The ACCC is proposing legislation to hold online platforms accountable for enabling scams, with potential fines of up to $50 million AUD for non-compliance. Meta has not commented on the proposed laws.
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