Skip Navigation LinksBMA > AML/ATF > Offences & Penalties
 

 OFFENCES & PENALTIES

 

Money Laundering

If convicted of money laundering an AML/ATF regulated financial institution and its officers are liable to a $50,000 fine and/or five years imprisonment on summary conviction and conviction on indictment to an unlimited fine and/or twenty years imprisonment.

Conviction for failing to report a knowledge or suspicion of money laundering or tipping off carries a penalty of a $15,000 fine and/or three years imprisonment on summary conviction and an unlimited fine and/or ten years imprisonment on conviction on indictment.

Terrorist Financing

If convicted of terrorist financing an AML/ATF regulated financial institution and its officers are liable to a $20,000 fine and/or twelve months imprisonment on summary conviction and conviction on indictment to a $200,000 fine and/or fourteen years imprisonment.

Conviction for failing to report a suspicion or belief of terrorist financing carries a penalty of a $10,000 fine and/or six months imprisonment on summary conviction and a $100,000 fine and/or five years imprisonment on conviction on indictment.

Conviction for tipping off, in connection with a terrorist financing investigation carries a penalty of a $15,000 fine and/or three years imprisonment on summary conviction and an unlimited fine and/or ten years imprisonment on conviction on indictment.

AML/ATF Regulations

AML/ATF regulated financial institutions which fail to comply with specified Regulations are liable to a civil penalty of up to $500,000 under Section 20 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008. In addition, failure to comply with specified Regulations may amount to a criminal offence with a fine of $50,000 on summary conviction and a fine of $750,000 on indictment. In determining whether a person has complied with the Regulations the court must consider whether he followed any relevant guidance issued by the BMA.

Registration of “Non-Licensed Persons”

It is an offence for a person to –

  • carry on business when not registered;
  • fail to correct an inaccuracy in an application for registration; or
  • make a false representation that an institution is authorized, licensed, registered or otherwise regulated by the BMA solely on the basis that its name is included in the register.

A person guilty of such an offence is liable to a fine of $25,000 on summary conviction and a fine of $100,000 on indictment.

Directions & License Conditions

AML/ATF regulated financial institutions and insurers which fail to comply with the requirement of a Direction or the condition of a license issued by the Minister of Justice are liable to a civil penalty of up to $500,000 under Section 20 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008. In addition, failure to comply with the requirement of a Direction or providing false information for the purpose of obtaining a license may amount to a criminal offence with a fine of $50,000 on summary conviction and a fine of $750,000 and/or two years imprisonment on indictment. In determining whether a person has committed an offence the court must consider whether he followed any relevant guidance issued by the BMA.