The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
On Tuesday 27 June we will be launching an updated AUSTRAC website. The website will have a fresh and contemporary look and a new information structure that will make it easier for you to find what you need.
Website improvements
Some improvements you will see include:
AUSTRAC has accepted an Enforceable Undertaking from the Bank of Queensland Limited (BoQ) to improve its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action follows a compliance inspection by AUSTRAC which identified concerns relating to the adequacy of BoQ’s AML/CTF systems and controls.
Crown Melbourne and Crown Perth (together Crown) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Today the Attorney-General announced public consultation on proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.