AUSTRAC’s 2nd AML/CTF consultation proposes adding targeted sanctions screening, requiring firms to adopt strong policies to prevent breaches and enforce asset freezes

By integrating sanctions compliance directly into AML/CTF obligations, these rules ensure a more cohesive approach to financial crime prevention. This not only helps close gaps where sanctioned parties might exploit weaknesses in existing controls but also reinforces AUSTRAC’s role in supervising and enforcing compliance. Ultimately, this shift supports Australia’s broader efforts to maintain the integrity of its financial system…