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
Major banks and major retailers have reached an agreement with Armaguard to extend their financial contribution for a further six months. This will see Armaguard receive an extension of $25.5 million from July to December. This is in addition to the approximately $50 million already provided over the last twelve months to support cash distribution across… Read more »
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
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