On 15 September, ABC News reported that the Australian arm of a US-based global bank is the latest financial institution to be fined for breaching AML laws.  It has had imposed a $1.24 million infringement notice for failing to declare international transfer instructions that potentially left it exposed to organised crime, terrorism, slavery, drug trafficking and tax evasion being committed via its facilities.  ABC said that it understands that the bank was fined $12,000 for each of the 99 breaches, which the bank self-reported to AUSTRAC.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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