AUSTRAC shares insights from compliance assessments

Australia’s financial intelligence agency, AUSTRAC, shares for the first time the lessons learnt from 2016 compliance assessments of reporting entities.  

The new report Insights from compliance assessments explains areas where reporting entities are performing well and areas for improvement, to help them achieve better anti-money laundering and counter-terrorism financing (AML/CTF) outcomes. 

“AUSTRAC takes a regulatory approach that aims to help reporting entities strengthen their ability to protect their business from criminal abuse and maximise their contribution to protecting the integrity of the financial system,” said National Manager Compliance, Angela Jamieson. 

According to Ms Jamieson, sharing the Insights from compliance assessments report is the first in a series of steps AUSTRAC will take to help reporting entities understand their money laundering and terrorism financing (ML/TF) risks to more actively protect themselves from exploitation.  

“We encourage all reporting entities to consider the key areas for improvement in the report as it helps them understand the importance of ensuring their risk assessments and methodologies evolve as required." 

The report shows that reporting entities with appropriate ML/TF risk assessments explored the extent of how their products, services or delivery channels could be misused by criminals to launder money or fund terrorism. This approach allowed them to tailor their compliance systems and processes, instead of simply using ‘off-the-shelf’ risk assessment documentation that was designed to apply equally to any business.  

“Reporting entities are at the frontline of Australia’s AML/CTF regime and that’s why our agency is committed to working with them to help them understand and mitigate the risk of their business being exploited by criminals.”

See the Insights from compliance assessments report on the AUSTRAC website for more information.  AUSTRAC welcomes your feedback. 


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Last modified: 08/03/2017 14:43