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AML/CFT and Cybersecurity Law in Australia

In: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Author

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  • Felix I. Lessambo

    (Fordham University)

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.

Suggested Citation

  • Felix I. Lessambo, 2023. "AML/CFT and Cybersecurity Law in Australia," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, chapter 0, pages 163-168, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-23484-2_19
    DOI: 10.1007/978-3-031-23484-2_19
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