Skip to main content
Financial Assistance Hub

ABA welcomes extending AML/CTF laws

2 May 2016

Sydney, 2 May 2016: The Australian Bankers’ Association has today welcomed recommendations to better protect our economy from organised crime and terrorism financing.

ABA Chief Executive Steven Münchenberg said: “We support the Attorney General Department’s findings to strengthen anti-money laundering (AML) and counter-terrorism financing (CTF) legislation. 

“Most importantly, this means extending the laws to include high-risk sectors such as lawyers, accountants, real estate agents, and trust and company service providers,” he said.

“Widening the regulatory net will help fight money laundering in Australia and put us in line with international best practice.

“It would also help businesses that do report under AML/CTF laws to meet their compliance obligations,” he said.

“Australia’s banks have a key role in preventing the serious crimes of money laundering and terrorism financing. We will continue to work with AUSTRAC and the Attorney General’s Department to implement these reforms for the benefit of all Australians,” Mr Münchenberg said.

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

@austbankers

Latest news

1 / 3
Media Releases
SIMON BIRMINGHAM APPOINTED AS ABA CEO
20 June 2025

Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. ABA Chair and National Australia Bank CEO Andrew Irvine today announced Mr Birmingham’s appointment, replacing retiring CEO, The Hon. Anna Bligh AC. “We are delighted to have Simon lead our industry and help ensure… Read more »

Read more
Transcript
Anna Bligh interview on ABC Radio Darwin
18 June 2025

Rick Hind: Anna Bligh is the CEO of the Australian Banking Association. Welcome back to 105.7 ABC Radio Darwin. Anna Bligh: Good morning, great to be with you. Rick Hind: Is it getting easier to scam people out of money from their bank accounts? Given how good technology is, the scammers seem to have as… Read more »

Read more
Media Releases
EOFY is prime time for scammers
16 June 2025

With end of financial year nearly here, the ABA is reminding customers to be on high alert for scammers looking to steal your hard-earned money. Common EOFY scams to be on the lookout for: ABA CEO Anna Bligh said with the end of financial year approaching, scammers are lining up and looking to cash in…. Read more »

Read more