🇦🇺Australia

AUSTRAC AML/CTF Non-Compliance Fines

1 verified sources

Definition

Reporting entities like investment firms must maintain AML/CTF programs including KYC, EDD, and suspicious transaction reporting. Non-compliance results in severe penalties enforced by AUSTRAC.

Key Findings

  • Financial Impact: AUD 4.5M to AUD 22.2M civil penalty per breach for large entities; AUD 1.1M to AUD 4.5M for small entities
  • Frequency: Per serious breach or ongoing non-compliance
  • Root Cause: Manual AML screening processes prone to errors in due diligence and transaction monitoring

Why This Matters

The Pitch: Investment advice firms in Australia 🇦🇺 face up to AUD 22.2M fines for AML screening failures. Automation of customer screening and monitoring eliminates this risk.

Affected Stakeholders

AML Compliance Officer, Investment Advisor, Compliance Manager

Deep Analysis (Premium)

Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

AML Screening Program Maintenance Costs

20-50 hours/month manual effort for screening + AUD 10,000-50,000 biennial independent program review

Reputational Damage from AML Failures

5-15% annual revenue loss from client churn following public AUSTRAC enforcement

ASIC Brochure Non-Delivery Fines

AUD 11,100 - 2,210,000 per breach (infringement notices); up to AUD 1.11M civil penalties for corporations

Manual Brochure Preparation Labour Costs

AUD 4,000 - 8,000 per brochure (40 hours at AUD 100-200/hr compliance lawyer rate)

Client Acquisition Delays from Brochure Friction

2-5% revenue loss from delayed client onboarding (industry standard for compliance friction)

ASIC Advertising Compliance Fines

AUD 50,000+ civil penalties per breach; 20-40 hours/month legal review; licence condition costs AUD 10,000-20,000 annually

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