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International Law

: Australian Regulatory Compliance Review

Austrac publishes AML/CTF enforcement manual

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Austrac has published a manual (pdf) outlining its policies on the use of its enforcement powers under the Financial Transaction Reports Act 1988 (FTR Act ) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC has available to it various enforcement powers under both the FTR Act and the AML/CTF Act. Under the AML/CTF Act Austrac has power to:
? Pursue civil penalty orders (via the Federal Court);
? Seek injunctions to restrain conduct in breach of a civil penalty provision;
? Accept enforceable undertakings in relation to certain matters;
? Issue remedial directions in certain circumstances;
? Require external audits relating to risk management and compliance to be undertaken;
? Require a money laundering and terrorism financing risk assessment;
? Issue infringement notices for certain contraventions;
? Exercise various information-gathering powers; and
? Execute monitoring warrants.

Full post as published by Australian Regulatory Compliance Review on February 13, 2008 (boomark / email).