Question 1

What are AML/CTF obligations for businesses?

Accepted Answer

Businesses that provide designated services under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 must enrol with AUSTRAC, develop and maintain an AML/CTF program, conduct customer due diligence including identity verification, monitor transactions for suspicious activity, and lodge reports with AUSTRAC including suspicious matter reports, threshold transaction reports, and international funds transfer instruction reports. Non-compliance can result in significant civil penalties and criminal sanctions.

Question 2

What are the key workplace health and safety obligations for businesses?

Accepted Answer

Under the Work Health and Safety Act 2020 (WA), persons conducting a business or undertaking (PCBUs) must ensure, so far as is reasonably practicable, the health and safety of workers and other persons who may be affected by the business activities. This includes providing and maintaining a safe work environment, safe plant and structures, safe systems of work, adequate facilities, information, training, instruction and supervision. Officers of the business have a positive duty to exercise due diligence to ensure compliance.

Question 3

How should businesses handle data privacy obligations?

Accepted Answer

Businesses with annual turnover of more than $3 million, or that handle health information or provide services to the Commonwealth, must comply with the Australian Privacy Principles under the Privacy Act 1988. Key obligations include having a privacy policy, notifying individuals about the collection of personal information, using and disclosing personal information only for the purpose for which it was collected, taking reasonable steps to ensure the security of personal information, and notifying the Office of the Australian Information Commissioner and affected individuals in the event of an eligible data breach.

Regulatory & Compliance

Industries & Sectors

Peter van der Zanden

Andrew Throssell

Luke Swanson

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