The banking industry is committed to supporting the global response to reduce the risks posed by money laundering and terrorism financing.

Banks take their legal obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act and seek to put in appropriate controls to make it harder for the Australian financial system to be used to launder money.

In addition to complying with the regime, ABA members work closely with relevant government agencies, including AUSTRAC and the Department of Home Affairs, to help ensure that the Australian regime meets international best practice.

Sanctions: ABA Guidelines for the Financial Services Sector

