The Australian Sanctions Office has published an Advisory Note – Sanctions & proliferation financing.
The advisory note outlines the sanctions obligations and best practices for identifying, assessing and mitigating proliferation financing risk.
From 31 March 2026, businesses regulated under the AML/CTF Act will be required to identify and assess their proliferation financing risks and develop and maintain policies to manage and mitigate these risks.
These businesses are also required to apply enhanced customer due diligence in relation to customers in high-risk jurisdictions identified by the FATF, including DPRK and Iran.
Regulated businesses will also be required to collect and verify information to establish whether their customer and certain associated persons are designated for targeted financial sanctions.
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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.
