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.
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Lessambo, F.I. (2023). AML/CFT and Cybersecurity Law in Australia. In: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-23484-2_19
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DOI: https://doi.org/10.1007/978-3-031-23484-2_19
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