2 May 2016
Sydney, 2 May 2016: The Australian Bankers’ Association has today welcomed recommendations to better protect our economy from organised crime and terrorism financing.
ABA Chief Executive Steven Münchenberg said: “We support the Attorney General Department’s findings to strengthen anti-money laundering (AML) and counter-terrorism financing (CTF) legislation.
“Most importantly, this means extending the laws to include high-risk sectors such as lawyers, accountants, real estate agents, and trust and company service providers,” he said.
“Widening the regulatory net will help fight money laundering in Australia and put us in line with international best practice.
“It would also help businesses that do report under AML/CTF laws to meet their compliance obligations,” he said.
“Australia’s banks have a key role in preventing the serious crimes of money laundering and terrorism financing. We will continue to work with AUSTRAC and the Attorney General’s Department to implement these reforms for the benefit of all Australians,” Mr Münchenberg said.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
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 »
Australian banks are warning households to be on the look-out for Census related scams as criminals look to get their hands on personal and financial information. Key tips for staying Census safe: ABA CEO Simon Birmingham said banks were on high alert for scams as criminals look to cash in on this week’s Census. “The… Read more »