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
Small businesses are benefiting from more favourable lending conditions thanks to stronger competition, as the full extent of banking support for these businesses is laid out in a new report released today by the Australian Banking Association. The ABA’s latest industry report focusing on small and medium businesses finds: ABA CEO Simon Birmingham said the… Read more »
The ABA urges the final passage of the Cash Distribution Framework Bill 2026 and accompanying legislation through the Senate this fortnight. ABA CEO Simon Birmingham said the legislation was a critical safety net to protect the long-term availability of cash for Australians who still rely on it. “Cash remains an important payment option for many Australians,… Read more »
E&OERadio Interview2SM Sydney12 August 2026 Topics: Census scams Tim Webster: And Simon Birmingham is the CEO of the Australian Banking Association, and he’s jumped on the line for us. G’day, thanks for your time. Simon Birmingham: Good morning, Tim. Good to be with you. Tim Webster: Yeah, I did mention it to the listeners yesterday,… Read more »