AML/CFT and Cybersecurity Law in Australia

Felix I. Lessambo (fgrlessambo@aol.com)
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Felix I. Lessambo: Fordham University

Chapter Chapter 19 in Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, 2023, pp 163-168 from Palgrave Macmillan

Abstract: Abstract The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is the main piece of Australian government legislation that regulates AUSTRAC’s functions.. Money laundering and terrorism are criminalized under Division 400 of the Commonwealth Criminal. The AML/CTF Act 2006 establishes a risk-based regulatory framework. Banks with a significant customer base but relative lower revenue numbers, such as several regional banks, have a high risk of a data breach.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-031-23484-2_19

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DOI: 10.1007/978-3-031-23484-2_19

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