Business
AUSTRAC reaps what it sows – The Australian Financial Review
The shocking failings of the banks – and of laws designed to prevent financial crime – suggest a failure in regulatory culture.
On top of this, the legislation itself has proven tricky to interpret and apply practically at times even for top-tier law firms, given the wide spectrum of companies deemed to be providing financial services that might create a money-laundering risk.
Sometimes, for example as with a 2019 audit of Afterpay that concluded it had been in breach of its obligations after acting on incorrect legal advice in 2016, the correct response can turn on narrow definitional distinctions.
AUSTRAC chief execu…
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