The Australian Bankers' Association (ABA) has thrown its support behind recommendations by the federal Attorney-General’s Department aimed at strengthening anti-money laundering and counter-terrorism financing (AML/CTF) legislation.
The Attorney-General’s recommendations are based on a report, released 29 April, on its statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Some of the recommendations include providing regulated businesses with enhanced feedback and simplifying and aligning correspondent banking obligations with Financial Action Task Force standards.
ABA chief executive Steven Münchenberg said Australia’s banks have a key role in preventing money laundering and terrorism financing.
“Widening the regulatory net will help fight money laundering in Australia and put us in line with international best practice,” he said.
“This means extending the laws to include high-risk sectors such as lawyers, accountants, real estate agents, and trust and company service providers.
“It would also help businesses that do report under AML/CTF laws to meet their compliance obligations,” Mr Münchenberg said.
Read more:
Govt consults on venture capital and fintech
Suncorp takes stake in US tech firm
ANZ first-half profit down 22%, dividend cut
Weak inflation forces RBA's hand
Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected]
Australian Financial Complaints Authority (AFCA) chair Helen Coonan has backed a new financial services law firm at its launch. ...
Westpac will have to tighten the purse strings as the looming AUSTRAC penalty and natural disaster costs force the bank to downgrade earning...
Weaknesses in Australia’s money laundering laws have turned the country into a safe haven for “significant quantities of illicit funds...
Subscribe to our newsletter
Get notifications in real-time for staying up to date with content that matters to you.
