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
The Australian Banking Association (ABA) welcomes the release of the 2025-26 Federal Budget that maintains confidence in our financial system. The ABA welcomes initiatives to: “This Budget provides extra support to Australians in the short-term whilst at the same time helping to address some of our longer-term challenges,” Ms Bligh said. “There are modest measures… Read more »
Banks are continuing to play their part in the fight against scammers, as the ABA welcomes a new report showing scam losses fell by almost 26 per cent last year. The ABA acknowledges the release of the 2024 Targeting Scams Report by the National Anti-Scam Centre showing combined reported scam losses fell by $700 million… Read more »
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 »