Annual compliance report 2018

Annual compliance report 2018

Although noted in the December 2018 Regulatory Update, we again take this opportunity to remind Reporting Entities of this requirement. The Compliance Report asks questions about how a Reporting Entity has met its anti-money laundering and counter-terrorism financing...

Traveller’s cheques ML/TF risk assessment

The overall ML/TF risk for traveller’s cheques is assessed by AUSTRAC as low. This is largely due to the very low value of traveller’s cheque transactions in Australia, combined with the measures service providers have implemented to mitigate the risk of exploitation....

AUSTRAC and CBA agree $700m penalty

AUSTRAC’s enforcement action against CBA followed exhaustive investigations into CBA’s AML/CTF compliance and risk management practices, particularly in relation to its Intelligent Deposit Machines (“IDMs”). These investigations, undertaken in partnership with the...

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