AUSTRAC De-banking (2022)
AUSTRAC is a federal government agency tasked with fighting financial crimes, including money laundering. AUSTRAC regulates and monitors financial institutions to ensure compliance with money laundering laws. It can and has issued hefty fines of over $1 billion to banks. Our submission commenting on Draft Guidance: Providing financial services to customers that financial institutions assess to be higher risk, argues AUSTRAC should include clear references to anti-discrimination laws to remind financial institutions of these legal obligations in additional to money laundering laws. This is aimed to help reduce the frequency with which financial institutions de-bank, or exclude, sex workers from all financial services.
© Sex Work Law Reform Victoria 2023
Last updated: 11 January 2023