AML Questions & Answers

If so, do individual directors or owners have to be compliant?

A "reporting entity's" senior management, who may be the directors and/or owners, are the actual persons responsible under the 2006 Act to ensure compliance of the entity. If they do not take steps to become compliant, both the entity and the senior management will be held to account. Fines per offence can go as high as $11.0 million.