The investigation focussed on ANZ’s failure to report certain international wire transfers between April 2019 and September 2021 within the 10 working day timeframe prescribed under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.
Enforcement & Resolution Director Kerry Beaumont says the Reserve Bank is imposing additional reporting obligations within the area at fault to ensure that remediation activities have been effective and compliance will be maintained on an ongoing basis.
“Upon identifying the transactions that were not reported, ANZ promptly notified the Reserve Bank and remediated all issues, including, retrospectively reporting all affected transactions to the Police’s Financial Intelligence Unit,” Ms Beaumont says.
“ANZ’s response to the reporting failures is an example of the prompt remediation and timely and proactive engagement with the Reserve Bank that is expected from all reporting entities.”
In determining the appropriate response for this matter, our Enforcement Principles and Criteria Guidelines were applied. The enforcement principles – risk based, proportionality and transparency – guided our approach, with the circumstances of the case evaluated against the criteria of seriousness of conduct, responsiveness of the entity, public trust and confidence, and efficacy.
We take this opportunity to remind our reporting entities of the need for ongoing vigilance to ensure full compliance with their AML/CFT obligations.
More information
Enforcement Principles and Criteria Guidelines (PDF 1.03MB)
