ASIC Has Collected More Than $400 Million From Inactive Bank Accounts This Year: Report

ASIC has collected more than $400 million from inactive bank accounts since loosening its definition of “inactive” in December last year.

According to BusinessDay’s analysis of ASIC’s September 16 statistics, the government is sitting on a total of $704 million that it has collected since 2001.

More than half of that was collected in the 2013 calendar year, after the Treasury Legislation Amendment Act 2012 changed the definition of “unclaimed money” to include bank accounts that had no deposits or withdrawals for 3 years or more – down from 7 years previously.

The changes were designed by the previous government to raise $109 million last financial year. Banks had until 31 May to comply with the new regime.

BusinessDay reports that ASIC had collected more than $85 million from account holders outside of Australia in 2013, including $9.25 million from China, $8.54 million from Britain and $6.85 million from the US.

There’s more on BusinessDay.

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