The Australian AML/CFT regulator, AUSTRAC, is on a roll. In the last couple of weeks they have announced:
- A landmark prosecution of Commonwealth Bank of Australia (CBA) for alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006;
- A risk assessment that warns the charitable and not-for-profit sector is at “medium” risk of facilitating money laundering and terrorist financing (ML/TF);
- An intention to bring cryptocurrency exchanges into the AML/CTF regime following the launch of an innovation hub to investigate the regulatory impacts of developing blockchain technology;
- The release of the AUSTRAC Corporate Plan 2015-2019 which gives their reporting entities an insight into their regulator’s strategic priorities and focus for the coming years.
Why is this important to you? We want the New Zealand government to demonstrate an equivalent commitment to research, engagement with their reporting entities, and openness to quickly developing technologies in our financial sector. We’re falling behind.