Tough new penalties will make ASIC a "feared" regulator, warns deputy chair Daniel Crennan

The corporate watchdog ASIC has put white collar criminals on notice that tough new penalties with potential jail terms of fifteen years will make it a "feared" regulator.

The Senate has passed legislation that could see criminal fines for corporations rocket from  just $210,000 to almost a million dollars or ten percent of a company's turnover. 

While the proposed criminal and civil penalties won't cover misconduct that emerged in the banking Royal Commission. 

ASIC deputy chair Daniel Crennan tells ABC's Peter Ryan that corporate criminals are on notice.