AML correspondent banking transition

The Minister for Home Affairs has approved a 12-month policy principles period to enable financial institutions to effectively implement the new correspondent banking obligations in the AML/CTF Act that commenced on 18 June 2021. Background

The policy principles period will cease on 16 June 2022.

During the policy principles period, enforcement action will only be taken if the AUSTRAC CEO is satisfied that a financial institution has failed to take reasonable steps to comply with the amended Part 8 of the AML/CTF Act. These policy principles do not prevent AUSTRAC from taking enforcement action for contraventions of provisions in Part 8 that occurred before 17 June 2021, or for contraventions of other provisions of the AML/CTF Act.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
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.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.