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
Good afternoon and thank you to the Trans-Tasman Business Circle for the invitation to speak today. I want to welcome you all here today for this event and the critically important subject I will be talking about, the emerging contribution gap between Australia’s domestically domiciled company and the rise of big tech. It is a timely moment to take stock. In… Read more »
Australia’s banks contributed a record $16 billion in taxes and other levies in the 2025 financial year, enough to fund over 370 million bulk-billed GP appointments, according to a new report released today by the Australian Banking Association. The Contribution Gap: Tax and regulatory imbalances in the digital age, highlights the critical role banks play… Read more »
The ABA welcomes the release today of Treasury’s exposure draft legislation to regulate Australia’s cash-in-transit sector. ABA CEO Simon Birmingham said this regulatory framework was an essential piece in the puzzle of ensuring cash remains available to Australians who still use it. “This is a welcome step and will be an important safety net in… Read more »