Australian firms issued reminder over AML compliance deadline
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.
More on Regulation
Global code of conduct must be adopted, Schiavi and Debelle insist
Liquidnet CEO Seth Merrin says December 1 rule change will aid market transparency
The week on www.risk.net, November 20-26, 2015
Yellen, Gruenberg and Curry offer no concessions to agriculture committee
Sign up for Risk.net email alerts
Sponsored video: BAE Systems Applied Intelligence
Catch up with the debate at OpRisk's flagship London conference
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.