The banking industry is committed to supporting the global response to reduce the risks posed by money laundering and terrorism financing.
Banks take their legal obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act and seek to put in appropriate controls to make it harder for the Australian financial system to be used to launder money.
In addition to complying with the regime, ABA members work closely with relevant government agencies, including AUSTRAC and the Department of Home Affairs, to help ensure that the Australian regime meets international best practice.
Sanctions: ABA Guidelines for the Financial Services Sector
These 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.
Organisations that are not members of the ABA may have regard to these guidelines as industry good practice, particularly where their industry body has not issued specific guidelines to them on sanctions.
These guidelines will have impact on operational areas, but it is expected that more detailed internal policies and guidance will be developed, specifically tailored to suit the needs of member banks, using these guidelines as a guide to good practice