fbpx
Skip to main content
Tropical Cyclone Seroja: Emergency Assistance

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
Support available for customers affected by Tropical Cyclone Seroja
15 April 2021

Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja. Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri. Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were… Read more »

Read more
Media Releases
Banks unite to help customers experiencing financial abuse
4 April 2021

Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.

Read more
Media Releases
Banks call for consistent laws to prevent elder abuse
31 March 2021

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.

Read more