Australia, like other powerful countries, is a country that works and produces regulations on the fight against money laundering and terrorist financing.
To prevent these activities and punish the regimes and individuals engaging or cooperating with them, the Australian government observes a range of economic sanctions enforced and applied by the Department of Foreign Affairs and Trade.
Items on the DFAT Sanctions List include all individuals and entities subject to targeted sanctions from the Australian Government. Since the list is constantly being updated, it should be checked frequently by citizens and especially companies. Sanctions in Australia are organized into two categories: United Nations Sanctions and Autonomous Sanctions.
As a member of the United Nations, Australia is bound to apply the sanctions issued by the UN Security Council.
The Australian government maintains its own autonomous sanctions regime derived from its foreign policy and implemented under the Autonomous Sanctions Act 2011.
The sanctions on the list contain asset freezing, market access restriction, business relationships, imports and exports, and travel to or through Australia. Those who violate DFAT sanctions are fined and imprisoned.
That's why organizations in Australia should leverage technology and use AI powered AML Software to prevent money laundering risks.
Checking the sanction lists manually is a difficult process. Manual controls are a waste of time. In addition, error rates that may occur in manual controls are very high. So, the sanctions screening tool minimizes those risks like a Sanction Scanner. With Sanction Scanner, you can check everybody on the 3000+ sanctions list automatically. Our lists are always up to date. You can integrate with API. No more waste of time. Meet Sanction Scanner Today!
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