New AUSTRAC fines hit small businesses failing to register for money-laundering
AUSTRAC is now issuing $21,840 fines to companies that don't enrol under new money-laundering rules.
Accountants, lawyers, real estate agents and jewellers must register with AUSTRAC and set up compliance systems. On September 30, the watchdog confirmed it started issuing infringement notices.
Penalties are $21,840 for companies and $4,368 for individuals. About 100,000 additional businesses fall under the new rules.
AUSTRAC says around 90% of at-risk organisations have enrolled or taken steps to comply. However, small business groups warn the burden is disproportionate.
Some firms may close, merge or stop offering regulated services because of compliance costs.
- $21,840
- Company fine
- $4,368
- Individual fine
- Approximately 100,000
- New businesses affected
- Around 90% enrolled or took steps
- Compliance rate
Why it mattersSmall business owners in affected industries face new compliance costs and penalties. Some may exit the market entirely.
AustraliaAustralian accountants, lawyers, real estate agents and jewellers must now comply with stricter AUSTRAC rules or face fines and potential loss of business.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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