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
Banks are on standby to assist customers across Queensland and Northern NSW who might be impacted by Tropical Cyclone Alfred in the coming days. ABA CEO Anna Bligh said banks are closely monitoring the developing situation along the east coast and are putting in place arrangements to support customers in affected areas. “This is a… Read more »
Graeme Goodings (Host): Hardly a day goes by that we don’t talk about scams. I mean, we’re ever alert, but the scammers seem to be one step ahead, half a step ahead, best, and all we can do is put out warnings to you on a regular basis. Joining me now is CEO of the… Read more »
Natalie Barr (Host): Well, as we kick off into footy season, the Australian Banking Association is urging Aussies to remain vigilant with ticketing scams. Matt Shervington (Host): People buying resale tickets to footy games on social media are being told to watch out for the warning signs as the growing number of criminals take advantage… Read more »