As the AML/CTF reforms have moved into the enforcement phase, a section 167 notice is likely to be one of AUSTRAC's most powerful investigative tools, testing whether businesses can demonstrate, not merely assert, compliance with their obligations.
With Australia’s AML/CTF reforms commencing on 1 July, we provide a final checklist of what businesses captured by the regime must have in place, and the enforcement action and penalties for non-compliance.
