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AML/CTF compliance in Australia

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Australian Transaction Reports and Analysis Centre (AUSTRAC)

AUSTRAC is the Australian Government agency in charge of preventing, identifying, and reacting to criminal manipulation of the financial system to protect the nation from serious and organised crime.

They aim to ensure that banks, and other designated services, conform to Australia’s AML laws as well as standards imposed by the Financial Action Task Force (FATF).

The intergovernmental organisation was founded to develop policies and set international standards for preventing organised crime, corruption, and combating money laundering and terrorism financing.

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How to comply with AUSTRAC?

As a designated service provider, you need to ensure that you have an AML/CTF program in place. This program is divided into two parts:

Part A

Must include processes and procedures to assist you in identifying, mitigating, and managing money laundering and terrorism financing threats.

Part B

Focuses on the procedures for verifying the identities of customers and beneficial owners, including politically exposed persons (PEPs).

There is no such thing as a one-size-fits-all AML/CTF program. Each reporting entity is unique and faces its own set of money laundering and terrorism funding risks. You must design a program that is unique to your needs. This gives you the freedom to choose how to fulfill your responsibilities and to implement stronger and/or additional controls where required.

All AML/CTF Programs must be based on a risk assessment. The risk assessment serves as the basis for your whole AML/CTF program. Your program must explicitly illustrate the relationships between identified risk and the procedures, policies and controls relating to that risk.

What are the AML/CTF reporting obligations in Australia?

As a designated service, you must report certain transactions and suspicious matters to AUSTRAC. Notable ongoing reporting obligations include:

Threshold Transaction Reports (TTR)

Due within 10 business days of a transfer instruction being sent or received, for an amount above the threshold.

International Funds Transfer Instruction Reports (IFTIs)

Due within 10 business days of receipt or submission of the transfer instruction.

Suspicious Matter Reports (SMRs)

If is related to terrorism funding, you must submit a report within 24 hours of it being identified as suspicious, or within three business days for anything else.

AUSTRAC compliance reports

Must be submitted on request. These reports provide AUSTRAC with details on how you are adhering to the AML/CTF Act, laws, and guidelines.

How can MemberCheck help?

MemberCheck provides a secure, easy to use, multi-user solution, with global coverage of politically exposed or high-risk individuals, and sanction, regulatory enforcement, law enforcement, and other official lists, for scanning names and identifying matches.

Sophisticated due diligence workflow and search filters are there to help you reduce the amount of time spent sorting through false positive matches. A full history of names scanned and matching profiles, is available for reporting purposes. Reports can be viewed online or downloaded, providing you with access to customer details and a record of your due diligence decisions, whenever and wherever required. Reports are ideal for providing to the regulator, during audits, as evidence that you are complying with your AML obligations.

* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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