AUSTRAC’s draft new AML/CTF Rules include the requirement for reporting entities regulated by AUSTRAC to develop, maintain and comply with policies to ensure that they do not make any money, property or virtual assets available to, or available for the benefit of, a person designated for targeted financial sanctions, including asset freezing, in the provision of their designated services.

The Australian Sanctions Office is responsible for implementing and overseeing Australia’s sanctions regimes, which include imposing restrictions on trade and financial transactions with certain countries, individuals, or organisations, and monitoring for compliance in the regulated community.

The Australian Sanctions Office (ASO) has released 10 new guidance and advisory notes to assist the regulated community in understanding their sanctions obligations.

AUSTRAC supervises reporting entities’ policies to manage and mitigate money laundering, terrorism financing and proliferation financing risk. The proposed change is intended to ensure AUSTRAC-regulated reporting entities to have the necessary measures in place to be able implement targeted financial sanctions, and that the efficacy of those measures is subject to appropriate supervision by AUSTRAC.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.