International Law

AML penalty moratorium to end

By David Jacobson

The relief granted for AML/CTF civil penalty breaches of the ongoing customer due diligence requirements and reporting of suspicious matters, threshold transactions and general reporting provisions during the transition period under the Policy (Civil Penalty Orders) Principles 2006 will end on 11 March 2010.

Under the Principles, relief from civil penalties for breaches of these provisions is given unless the AUSTRAC CEO is satisfied that the reporting entity has failed to take reasonable steps to comply with the provision.

Relief from breaches of the international funds transfer instructions requirements ends on 12 September 2010.

Full post as published by Australian Regulatory Compliance Review on February 18, 2010 (boomark / email).