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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.