AMLCTF compliance and SMEs in Australia: a case study of the prepaid card industry

The purpose of this paper is to explore the possibility of effectively enforcing the Anti-money Laundering and Counter Terrorism Financing (AMLCTF) Act compliance on prepaid card small and medium enterprises (SMEs). Currently, certain types of prepaid cards providers are exempt from compliance. This paper looks at this situation bearing in mind the necessity of keeping regulation manageable for SMEs.