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ARTICLE · 07 APRIL 2017

AUSTRAC insights: Common failures in anti-money-laundering and counter-terrorism financing programs

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The Tabcorp penalty should remind all reporting entities of serious consequences for non-compliance with the AML/CTF Act.

AustraliaGovernment, Public Sector
Michael Chaaya
Michael Chaaya
Peter Anderson
Peter Anderson
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Last month, Tabcorp incurred a $45M civil penalty for failing to meet its obligations in relation to anti-money laundering and counter-terrorism financing. If anyone was in any doubt as to the serious consequences of failing to meet their obligations arising from the AML/CTF Act, then the Tabcorp case will have surely removed it.

In the same month, AUSTRAC issued an insights paper detailing common errors reporting entities are making. AUSTRAC has ascertained this information through its compliance monitoring and the self-reported breach notification processes [1]. In light of the Tabcorp case, all reporting entities should be reviewing their AML/CTF programs to ensure the errors and failings highlighted by AUSTRAC are not occurring in their business.

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