STR under section 51...are reporting entities protected?

Paul McDermott

STR under section 51...are reporting entities protected?

Paul McDermott

Australian Graduate School of Policing and Security

Research output: Contribution to journal › Article › peer-review

Abstract

Despite a general belief across industry that submitting an SMR discharges their obligation to act on a suspicious customer, Australian law enforcement has recently expressed the view that this may not be enough. The AFP has indicated that Section 51 of the AML/CTF Act may not protect a reporting entity that held on to a customer they had been reporting as suspicious. Instead, a reporting entity may also need to end its relationship with the customer who continued to engage in suspicious activity.

Original language	English
Pages (from-to)	28-31
Number of pages	4
Journal	Anti-Money Laundering Magazine
Volume	August
Publication status	Published - 2011

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This output contributes to the following UN Sustainable Development Goals (SDGs)

Cite this

@article{7df7421588964e3e8d460a8077f8f19d,

title = "STR under section 51...are reporting entities protected?",

abstract = "Despite a general belief across industry that submitting an SMR discharges their obligation to act on a suspicious customer, Australian law enforcement has recently expressed the view that this may not be enough. The AFP has indicated that Section 51 of the AML/CTF Act may not protect a reporting entity that held on to a customer they had been reporting as suspicious. Instead, a reporting entity may also need to end its relationship with the customer who continued to engage in suspicious activity.",

keywords = "AFP, AML/CTF Act, AUSTRAC, Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), Australia, Australian Transaction Reports and Analysis Centre (AUSTRAC), Financial transaction reporting, Legislation, Money laundering, Organised crime prevention, Police, Regulations compliance, Risk assessment, STR, Section 51, Suspicious transaction report, Terrorist financing",

author = "Paul McDermott",

note = "Imported on 24 Apr 2017 - DigiTool details were: publisher (260b) = Australian Financial Markets Association; Journal title (773t) = Anti-Money Laundering Magazine.",

year = "2011",

language = "English",

volume = "August",