Date note: Codes commence on the later of 31 March 2027 or the day after registration; banking code still in draft.
Principles-based SPF obligations and sector-specific codes (banking code regulated by ASIC, telco by ACMA, platforms by ACCC) become enforceable, with tiered civil penalties.
Fraud and scams: the big one for banks. You'll need documented scam prevention, detection, disruption, reporting and response controls, with possible liability and tiered civil penalties where they fall short. Board and budget: expect board oversight, clear accountability, staff training and funding decisions, not just system changes.
Banks, Telcos, Digital platforms
https://www.asic.gov.au/regulatory-resources/scams/scams-prevention-framework