I'm with KernelK on this one. Password lockout, such as is common for government computer systems, is really tough to establish with a workgroup system. There is no context in which to work when you fail at a login unless you "roll your own" security from the ground up. I'm not a fan of that requirement. To me, the preferred method is what we do for our Dept. of the Navy cases - we file a waiver application that says - "Not possible with this software." If your PC is secured and part of a domain, you can claim (correctly) that access to the MDB is only through another layer that can meet the complexity and lockout criteria.
Pat Hartman has seen the features of the latest, greatest version of Access. She might know of a new feature for this. I know there is no "old" way to achieve this goal.