Tiger Brokers failed to appropriately vet customers, respond to activities that should have raised concerns, and maintain appropriate records.
December 22, 2022Common areas of non-compliance related to AML/CFT risk assessments, staff training, PEP identification, and compliance monitoring, among other areas.
October 24, 2022The FMA offers guidance for reporting entities on their obligations under the FMC Act to keep proper accounting records.
October 6, 2022Treasury says it has received a high number of enquiries from reporting entities and their advisers regarding administration of the Payment Times Reporting Scheme.
July 29, 2022Without endorsing any AML/CTF adviser, AUSTRAC says it recognises the benefits and efficiencies that can be gained by firms from engaging third party consultants.
April 12, 2022Reporting entities are "uniquely positioned" to detect TNOC activity through the implementation of preventive measures and reporting to the FIU.
March 17, 2022A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.
March 16, 2022A TTR will be required for each individual cash transaction of A$10,000 or more. Reporting entities will not need to combine transactions when submitting TTRs.
December 1, 2021The geographical link test helps firms that provide designated services determine whether they have AML/CTF obligations in Australia.
October 21, 2021The FMA's James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
October 1, 2021