Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Monday, 3 November 2003
Page: 21851


Mr McClelland asked the Treasurer, upon notice, on 12 August 2003:

Has the Reserve Bank of Australia required financial institutions to be more thorough in scanning account patterns to identify potential fraud and/or money-laundering activities; if so, what action has been taken by Australian financial institutions pursuant to that requirement.


Mr Costello (Treasurer) —The answer to the honourable member's question is as follows:

These questions do not fall within my portfolio responsibilities.

The Portfolio of the Minister for Justice and Customs includes responsibility for Australia's anti-money laundering regime, crime prevention, and fraud policy.

The Reserve Bank of Australia is not responsible for setting standards that financial institutions should follow in order to identify fraud and/or money-laundering activities.