The anti-money laundering and counter-terrorism financing regime in Australia: Perceptions of regulated businesses in Australia
Executive summary
In 2009, the Australian Institute of Criminology (AIC) conducted a survey of 4,346 Australian businesses with anti-money laundering and counter-terrorism financing (AML/CTF) obligations under Australian legislation. The aims of the survey were to determine:
- perceptions of the risks of money laundering and financing of terrorism faced by these businesses;
- processes used by businesses in the compliance areas of customer identification and transaction monitoring;
- estimated costs for businesses to comply with the regime; and
- businesses’ perceptions of the necessity and effectiveness of the regime and of the effectiveness of their compliance with it.
Link to the press release of this report: click here
Direct link to the PDF report: click here
Link to a news item mentioning this report: Banks do not report fishy funds (originally published in The Australian)