Australia is one of the largest and most developed economies globally and is home to thousands of financial institutions. Those financial institutions have to learn to navigate the Australian legal framework protecting the country's financial system against money laundering threats and terrorist financing.
The Anti-Money Laundering and Counter-Terrorism Financing Act, which came into force in 2006, forms the basis of the anti-money laundering regime in Australia. The Act includes a list of specified services for deposit-taking, payroll or currency exchange services. These businesses are known as high-risk institutions that have money laundering risk. AML obligations in Australia require high-risk businesses to apply various controls to their customers. Firms providing any of those services have to register with AUSTRAC and comply with their regulations. That legislation imposes a number of obligations reports on financial institutions, including Threshold Transaction Reports (TTR) and Suspicious Activity Reports (SAR).
Australian Transaction Reports and Analysis Centre (AUSTRAC) was established by the Australian government to combat financial crime. The purpose of The Australian Transaction Reports and Analysis Centre (AUSTRAC) organizes financial companies to take action against financial crimes. AUSTRAC works to ensure that all financial corporations operate in compliance with Australia's AML regulations and those of the Financial Action Task Force (FATF).
Australia is currently in the process of refining their AML/CFT regulations, a process that is expected to run into 2020. Widely, the changes are intended to make regulations and make it for firms to comply with anti-money laundering in Australia. Sanction Scanner helps AML compliance processes of businesses in Australia. Our end-to-end AML solutions meet companies' AML needs and protect them from AML penalties. You can contact us for information about our AML solutions.