Australia

Regional Guide

Guide Sanction Scanner
Australia

Australia

Global AML Guide


1. Are there any sanctions imposed against Australia?
    There are no sanctions imposed on Australia.
2. What are the regulated institutions in Australia?
    Financial institutions, banks, remittance services, digital currency exchange services, etc.
3. Who are the local regulatory authorities in Australia, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    The Department of Foreign Affairs and Trade (DFAT), Australian Federal Police (AFP), Australian Taxation Office, Australian Transaction Reports and Analysis Centre (AUSTRAC).
4. What is the status of Australia's FATF?
    Australia is the member of FATF since 1990. Also, Australia is the member of APG. Australia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies.
5. Which global regulations Australia have to comply with?
    Australia implement UN sanctions regime.
6. What are the AML obligations of the businesses in Australia?
    AML obligations are; undertake a money laundering and terrorism financing risk assessment and monitor for risk on an ongoing basis, adopt and maintain an AML/CTF program which addresses specific matters, appoint an AML/CTF Compliance officer, ensure that aspects of the AML/CFT program are subject to board and senior management oversight, conduct employee due diligence and enhanced due diligence, identify PEP, undertake transaction monitoring, report suspicious matters to AUSTRAC, report an compliance to AUSTRAC annually, pay an annual supervisory levy to AUSTRAC.
7. What are the local AML laws and regulations in Australia?
    Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Under the Commonwealth Proceeds of Crime Act 2002, Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007.
8. What are the penalties for failure to comply with anti money laundering law in Australia?
    According the Criminal Code, maximum penalty for individuals is 25 years of imprisonment and a fine of $315,000.
9. What are the contact details of the relevant regulators in Australia?
    Department of Trade and Foreign Affairs
    Director, Sanctions Section, R G Casey Building, John McEwan Crescent, Barton ACT 0221 Australia
    E: [email protected]
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Australia?
    Yes. Some breaches, possess or make a false document, operate a designated service under a false name, or conduct cash transactions with the aim of avoiding reporting requirements and operating an unregistered remittance business or unregistered digital currency exchange business will also attract criminal sanctions.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations in Australia?
    In Australia, incumbent entities need to have a good understanding of the regulations and also follow these frequently changing regulations. They should implement measures such as Know Your Customer, Customer Due Diligence, Transaction Screening, and Transaction Monitoring. With its AML solutions, Sanction Scanner can provide services to all organizations in Australia in accordance with their obligations. Companies operating under AML obligation in Australia can quickly and easily meet their AML needs with Sanction Scanner solutions. For more detailed information, you can talk to us or request a demo.
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