5 September 2022
These ABA Sanctions Guidelines are intended for Australian Banking Association (ABA) member banks. The guidelines are not legally binding. They aim to set out good industry practice for ABA members and their staff in relation to sanctions requirements. These Guidelines are limited to obligations applicable to Australian financial institutions under Australian sanctions laws administered by DFAT. They have nevertheless been developed with reference to the broader Australian legislative and regulatory framework, including but not limited to obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) and Anti-Money Laundering and Counter-Terrorism Financing.
Examples of sanctions measures which may be relevant to the Australian banking industry include:
• Targeted financial sanctions (including asset freezes) on designated persons and entities
• Restrictions on trade in goods and services (including ‘arms or related materiel’), and or
• Restrictions on engaging in certain commercial activities.
These guidelines were updated December 2021.
Latest news
Chris O’Keefe When it comes to cash, 424 bank branches have closed, or 11% of Australia’s overall branches. This included 122 branches in regional and remote areas plus a further 718 ATMs were shut down or removed during the same period. So they make it hard for us to use cash, both businesses and banks,… Read more »
Jenny Marchant Your biggest cost is probably your rent or your mortgage, and they’re probably also the bills you’ll move heaven and earth to pay if you have to, because we all need somewhere to live. But the number of mortgage holders struggling with payments is increasing. If you find yourself in that position in… Read more »
Banks are continuing to play their part to protect Australians from scams, as the industry welcomes a new report showing scam losses fell by 13 per cent last year. The Australian Banking Association acknowledges the release today of the 2023 Targeting Scams Report by the National Anti-Scam Centre. Whilst there was an 18.5 per… Read more »