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

Paul McDermott

    Research output: Contribution to journalArticle

    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 languageEnglish
    Pages (from-to)28-31
    Number of pages4
    JournalAnti-Money Laundering Magazine
    VolumeAugust
    Publication statusPublished - 2011

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    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.",
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    STR under section 51...are reporting entities protected? / McDermott, Paul.

    In: Anti-Money Laundering Magazine, Vol. August, 2011, p. 28-31.

    Research output: Contribution to journalArticle

    TY - JOUR

    T1 - STR under section 51...are reporting entities protected?

    AU - McDermott, Paul

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    PY - 2011

    Y1 - 2011

    N2 - 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.

    AB - 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.

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    KW - Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)

    KW - Australia

    KW - Australian Transaction Reports and Analysis Centre (AUSTRAC)

    KW - Financial transaction reporting

    KW - Legislation

    KW - Money laundering

    KW - Organised crime prevention

    KW - Police

    KW - Regulations compliance

    KW - Risk assessment

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    KW - Section 51

    KW - Suspicious transaction report

    KW - Terrorist financing

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    JF - Anti-Money Laundering Magazine

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