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The role of AUSTRAC and OAIC
This guidance note focuses on AUSTRAC and the OAIC’s role and powers and their relevance to banking and finance lawyers.
With regards to AUSTRAC, it explains the relevant legislation and AUSTRAC’s responsibilities relating to acting as Australia's financial intelligence unit and anti-money laundering (AML) and counter-terrorism financing (CTF) regulator. This guidance note also provides tips to practitioners for using AUSTRAC’s Compliance Guide, and outlines the consequence of non-compliance to AML and CTF legislation.
With regards to the OAIC, this guidance note explains the relevant legislation and the OAIC’s key functions, including those relating to privacy and freedom of information. It also provides tips to practitioner for using the Australian Privacy Principles guidelines, and outlines the consequence of non-compliance to privacy legislation.
See The role of AUSTRAC and OAIC.
