SYDNEY - Financial institutions in Australia have been warned that less than a month remains until they are required to be fully compliant with the country's anti-money laundering (AML) regulations.
From December 12, firms will have to meet strict deadlines for reporting suspicions of money laundering to the Australian Transaction Reports and Analysis Centre (Austrac) within three days - or 24 hours should there be the possibility that terrorist financing is involved. Any firm that does not comply from this date could face civil penalties.
Gambling operators, banks, lenders, bullion dealers and money exchanges are among the groups subject to the regulations.
Austrac is a government agency with a remit that includes making sure businesses comply with anti-money laundering legislation and providing intelligence about specific financial transactions to local law enforcement, tax and security services.
The week on Risk.net,October 14-20, 2016Receive this by email