Australia Imposes More AML Measures on Iran
CANBERRA – Australian companies which handle transactions or do business with Iran will soon need to fulfill greater due diligence requirements, as part of the Australian government’s ongoing fight against international money laundering.
The Australian government has classified Iran as a “prescribed foreign country” for the purposes of the national Anti-Money Laundering and Counter-Terrorism Financing Act, and as of March 1st 2012 all Australian business entities conducting transactions involving Iranian financial institutions and government and private businesses will be required to meet stricter reporting obligations and conduct closer monitoring of the Iranian party.
According to an instructions recently published by the Australian Transaction Reports and Analysis Centre, the new measures are aimed at protecting the national financial system from the substantial risk of money laundering by Iranian entities Iran and stemming the occurrence of financial transactions on behalf of terrorist organizations. The new requirements “… form a component of the Australian Government’s framework of countermeasures applied to Iran.”
Once the new rules come into effect, Australian businesses which enter into any transaction with an individual or business entity in Iran will be required to collect and assess substantial “know your customer” information about all of the involved parties. The Australian Transaction Reports and Analysis Centre specifically noted that the obligations of the Australian businesses are not limited to initial due diligence procedures, but the Australian party will also be obliged to monitor the transactions and activities of the Iranian party, and will have to report any transactions that are deemed to be suspicious.
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