The Regulator Performance Framework (RPF) 2016-17 aims to:
- improve the way regulators operate
- reduce the costs incurred by businesses, individuals and the community from the administration of regulation
- increase the public accountability and transparency of regulators.
The RPF requires all regulators to self-assess their performance against six mandatory key performance indicators (KPIs) every 12 months, and have this validated by industry.
AUSTRAC has rated itself 'fully achieved' against all the KPIs. We consulted with 15 industry bodies and will work to respond to their feedback individually, as part of our continual improvement and Fintel Alliance Smarter Regulation program. Feedback was constructive and largely positive.