Meta implements stricter ad rules for financial products targeting Australians to curb scams.

Meta, the parent company of Facebook and Instagram, will require stricter verification for advertisers of financial products targeting Australians, aiming to combat financial scams. Starting in February, advertisers must reveal who is paying for the ads and who benefits, and provide an Australian Financial Services Licence or explain their exemption. The move follows the removal of 8,000 "celeb bait" ads and comes amid increased scrutiny of big tech's practices. Penalties for non-compliance can reach $50 million or 30% of a company's turnover.

December 01, 2024
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