The Department of Home Affairs has published a consultation paper on amendments to the AML/CTF Act to give the Australian Transaction Reports and Analysis Centre (AUSTRAC) Chief Executive Officer powers to restrict or prohibit high-risk products, services or delivery channels that enable the provision of services regulated under the AML/CTF Act.

The Department also proposes to introduce an offence provision applying to the continued provision of designated services through high-risk products, services or delivery channels that are prohibited or restricted, consistent with offences relating to the registration of reporting entities. The offence will have a maximum penalty of 2 years or 500 penalty units, or both.

There will also be an amendment to the definition of ‘financing of terrorism’ to include state-based terrorism financing.

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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.