AUSTRAC announces AML/CMF strategies
AUSTRAC has released a suite of strategies detailing how the regulator will direct its anti-money laundering and counter-terrorism financing (AML/CMF) efforts in the areas of intelligence, supervision and enforcement.
Providing explicit strategies will provide the industry with insights into the current priorities, focus and activities across the agency, according to AUSTRAC chief executive John Schmidt.
AUSTRAC will focus on assessing compliance behaviour across industries and identifying specific entities whose behaviours differ from industry standards, he said.
“One of our supervision priorities will be transaction reporting with a focus on under-reporting, non-reporting and the quality of transaction reports,” Schmidt said.
“We will also focus on providing guidance, education and training to less resourced entities, and will continue to assess AML/CTF programs and compliance.”
Intelligence work would focus on analysing financial intelligence that supports Government priorities such as national security, organised crime and terrorism.
Enforcement strategy details how AUSTRAC’s approach to enforcement aims to achieve compliance at individual entity and industry level.
“We will take into account the nature of the non-compliance, the money laundering or terrorism financing risk associated with the reporting entity, the entity’s willingness to comply and the likely result and deterrent effect of any enforcement action,” Schmidt said.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
