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ARTICLE · 14 FEBRUARY 2024

Safeguarding against data breaches: AUSTRAC's guide for reporting entities

Sophie Grace Pty Ltd
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All AUSTRAC Reporting Entities should take proactive measures to safeguard against potential crimes from data breaches.

AustraliaFinance and Banking
Leah Li
Leah Li
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  • Noticing changes to customer details prior to large transactions?
  • Onboarding new customers who use the same identification numbers or name and date of birth as existing customers
  • Customers who are changing their address, email and phone number in quick succession?

These are just some of the indicators you have a problem.

If your business has been directly affected by a data breach, or impacted by an external data breach that affects your services or customers, this article is pertinent to you.

All AUSTRAC Reporting Entities should have an adequate understanding of their anti-money laundering and counter-terrorism financing (AML/CTF) obligations and take proactive measures to safeguard against the potential for heightened ML/TF crimes arising from data breaches.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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