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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Cite this
McDermott, P. (2011). STR under section 51...are reporting entities protected? Anti-Money Laundering Magazine, August, 28-31.