The AML/CTF regime implements Australia’s international AML/CTF obligations under the international Financial Action Taskforce (FATF). The regime aims to provide a balance between efficient conduct of business and effective regulation to combat money laundering and terrorism financing.
Over 13,000 Australian organisations have enrolled with AUSTRAC since 2007 as reporting entities that are vulnerable to exploitation for money laundering and terrorism financing.
The latest amendments to the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 were released on 9 December 2013.
These amendments primarily relate to the AML/CTF Rules for customer due diligence and will come into effect from 1 June 2014.
Are you prepared?
The amended laws require businesses to comply with enhanced customer due diligence procedures for politically exposed persons and beneficial owners, as well as requiring organisations to find out the customers’ source of wealth and funds, nature of the business relationship with the customer and the customers’ corporate control structure.
Beyond this, each business must assess the risks of potential money laundering or terrorism financing when providing a designated service to a customer. These new amendments are designed to assist regulated businesses to identify suspicious matters and report them, regardless of their own perceptions of risk.
We have now updated our AML/CTF online compliance course content to reflect the latest amendments to the AML/CTF Rules. We have also improved accessibility of the course for users in order to promote speed to competence. Our courses explain the rules in plain English, accompanied by rich visual designs and layers of interactivity.
Are you finding remaining compliant with the AML/CTF laws a challenge today?