AUSTRAC has strengthened its collaboration with the
This partnership reflects the commitment of both countries to working together in addressing the global threat of money laundering and terrorism financing. The agreements facilitate enhanced engagement on regulatory matters and the exchange of regulatory information, promoting a shared understanding of emerging trends and risks.
Enforcement Action:
In a good example of global businesses which are the subject of AUSTRAC supervision and enforcement, AUSTRAC accepted an Enforceable Undertaking ("EU") from
Further details about the EU can be found on the AUSTRAC website.
AUSTRAC's regulatory approach
AUSTRAC employs a range of regulatory tools and powers to ensure compliance with the AML/CTF laws. Its approach is tailored to the risk level associated with the various reporting entities it regulates, including educational initiatives and collaboration with regulatory interventions and enforcement.
In addition to EUs, AUSTRAC possesses other enforcement powers, including:
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issuing infringement notices (penalties for non-compliance);
- remedial directions (requiring reporting entities to take specific actions in order to achieve compliance); and
- seeking injunctions and/or civil penalty orders in the Federal Court.
- AML/CTF Programs
- AML/CTF Independent Compliance Review
- Purchase Template AML/CTF Program
Details of the consequences of not complying are available on the AUSTRAC website.
Background
The Australian Transaction Reports and Analysis Centre ("AUSTRAC") plays a crucial role in supervising regulated businesses and generating financial intelligence to safeguard the community and financial systems from organised crime. The MOUs with the
Further Reading
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AML/CTF Obligations: Do I need to Comply?
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