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
Chair of eurozone watchdog tells Risk.net member states should ditch carve-outs
Sponsored interview: Software Daten Service (SDS)
Isda AGM: Interaction between some rules “very, very convex”, says Deutsche exec
Isda AGM: Proposed trading book rules are “nuts”, says Ramambason of BNP Paribas
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.