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AUSTRAC assesses Money Laundering and Terrorism Financing risks for the Australian banking sector

AUSTRAC has produced four risk assessments for Money Laundering and Terrorism Financing (ML/TF) in the Australian banking sector for major domestic banks, other domestic banks, foreign subsidiary banks and foreign bank branches in Australia. Following engagement with bank representatives and industry experts, and analysis of transaction reports and partner agency intelligence reports, the four new […]

AML/CTF changes now in place

Anti-Money Laundering & Counter Terrorism Financing (AML/CTF) reviews are currently in full swing, and the regulator is expected to step up proactive monitoring. Following criticism and concern regarding Australia’s customer due diligence requirements, amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) were passed by parliament in December 2020, and these […]