It is apparent that entities required to comply with AUSTRAC reporting obligations (e.g. banks) have not allocated sufficient resources to ensure they comply with their obligations. There is a very strong business case for ID8 in the context of AUSTRAC reporting should their tech be up to scratch. The below article in today's AFR shows there are very significant financial penalties for non-compliance and the Westpac and Commbank cases should put other financial institutions on notice that their tech and reporting systems need to be up to scratch.
https://www.copyright link/companies/financial-services/westpac-scandal-sloppy-not-a-conspiracy-20200604-p54zbq
It is apparent that entities required to comply with AUSTRAC...
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