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Does your business provide financial accommodations that involve financing goods or services with repayment later?
Financial accommodations don't have to be direct funding; they can include providing infrastructure, equipment, signage, or short-term leases. Repayment can take various forms, such as purchasing goods, commissions, or profit percentages over time.
If your business offers financial accommodations like these, you might be subject to the AML/CTF Act and need to enrol with AUSTRAC. Since November 2023, penalties for non-enrolment have increased to $18,780 per day. In this webinar, Neil and Katherine delve into the nuances of financial accommodations. Learn how these arrangements, even if they don't involve direct monetary funding, might subject your business to regulations under the AML/CTF Act.
Proactive stress testing to manage macroeconomic risk, strengthen financial stability and banking
Grant Thornton worked with AUSTRAC (the federal Anti-Money Laundering regulator) to support the development of their new AML/CTF Starter Kits released this week, designed specifically for Tranche 2 sectors including lawyers, real estate professionals, accountants, and conveyancers.
The Federal Court’s $5.8M ACL decision signals a new era for privacy, cybersecurity, and governance in Australia. It reinforces that privacy and cyber obligations start Day 1 of any acquisition, governance failures will be scrutinised, and accountability cannot be outsourced. Boards must ensure robust oversight, deep cyber due diligence, and forensic incident response. With OAIC escalating regulatory enforcement, organisations face heightened legal, financial, and reputational risks.
