Meta Platforms, the parent company of Instagram and Facebook, announced on Monday that it will implement stricter regulations for advertisers promoting financial products and services to Australian consumers, as part of its ongoing efforts to combat scams on its social media platforms as reported by Reuters.

This move follows Meta's October announcement regarding the removal of 8,000 "celeb bait" advertisements, which were part of a collaborative initiative with Australian banks aimed at addressing scams that misuse celebrity images to mislead individuals into investing in fraudulent schemes.

According to Meta, under the new regulations, advertisers will be required to verify their beneficiary and payer details, including their Australian Financial Services License number, before launching any financial services advertisements.

Will Easton, managing director of Meta ANZ, stated that the introduction of financial advertiser verification is a vital measure to protect Australians from increasingly sophisticated scams.

Once verified, advertisers will need to include their payer and beneficiary information in their ads, which will be displayed in a "Paid for By" disclaimer after the ad receives approval, as indicated by the company.

In a related matter, last month, Australia's center-left government decided against imposing fines of up to 5% of global revenue on internet platforms that do not effectively limit the spread of misinformation.

This legislation was part of a wider regulatory effort by the Australian government, which has raised concerns that foreign-based tech companies are undermining the nation's sovereignty, particularly with a federal election approaching within the year.

Additionally, Australia has recently passed a significant law that prohibits social media access for children under the age of 16.