AML/CTF reforms: Correspondent banking relationships

This information will help you understand and implement reforms related to correspondent banking, which came into effect on 17 June 2021.

Policy principles period

To assist reporting entities with the transition process under this revised obligation, the Minister for Home Affairs has approved a 12-month policy principles period to enable you to effectively implement the new correspondent banking obligations.

This policy principles period will be in effect from 17 June 2021 (the date on which the amendments relating to correspondent banking commence) and will cease on 16 June 2022.

During the policy principles period, enforcement action will only be taken if the AUSTRAC CEO is satisfied that you have failed to take reasonable steps to comply with the amended Part 8 of the AML/CTF Act. These policy principles do not prevent AUSTRAC from taking enforcement action for contraventions of provisions in Part 8 that occurred before 17 June 2021, or for contraventions of other provisions of the AML/CTF Act.

View the approved policy principles (PDF, 1.32MB)

Key legislation

The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.

Last updated: 17 Jun 2021
Page ID: 680

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