Australian firms issued reminder over AML compliance deadline

20 November 2008

Financial institutions in Australia have been warned that less than a month remains until they are required to be fully compliant with the country's anti-money laundering regulations.

Money Management quotes KPMG's Gary Gill as saying that from December 12th, "reporting entities" will have strict deadlines for reporting suspicions of money laundering to the Australian Transaction Reports and Analysis Centre (Austrac).

Organizations that do not comply from this date "may face civil penalties", the forensic partner claimed.

Gambling operators, banks, lenders, bullion dealers and money exchanges are among the groups subject to the regulations, which involve having to report any suspicious activities to Austrac within three days - or 24 hours should there be the possibility that terrorist financing is involved.

Austrac is a government agency with a remit that includes making sure businesses comply with anti-money laundering legislation and providing intelligence about specific financial transactions to local law enforcement, tax and security services.

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