High-risk product prohibitions under AML/CTF shouldn’t be ‘too broad’: FAAA
In its submission to the Department of Home Affairs Consultation Paper, 2026 Reforms to the AML/CTF Act, the Financial Advice Association Australia (FAAA) backed proposed new powers for the chief executive of AUSTRAC. Under the powers described in the paper, the body’s CEO would be able to “restrict or prohibit certain high-risk products, services or delivery channels under the AML/CTF regime”. In October last year,...
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