Austrac publishes AML/CTF enforcement manual

Austrac has published a manual (pdf) outlining its policies on the use of its enforcement powers under the Financial Transaction Reports Act 1988 (FTR Act ) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC has available to it various enforcement powers under both the FTR Act and the AML/CTF Act. Under the AML/CTF Act Austrac has power to:
• Pursue civil penalty orders (via the Federal Court);
• Seek injunctions to restrain conduct in breach of a civil penalty provision;
• Accept enforceable undertakings in relation to certain matters;
• Issue remedial directions in certain circumstances;
• Require external audits relating to risk management and compliance to be undertaken;
• Require a money laundering and terrorism financing risk assessment;
• Issue infringement notices for certain contraventions;
• Exercise various information-gathering powers; and
• Execute monitoring warrants.