AUSTRAC hosted the 2024 AML/CTF Advisers Forum in Melbourne on Tuesday 12 November, and Sydney on Wednesday 20 November. 

This Forum was an AUSTRAC initiative to provide high level engagement and guidance to Australia’s AML/CTF adviser’s cohort, to assist them with providing quality, effective and up to date advice, products and services to reporting entities.

The Forum was attended by 128 AML/CTF Advisers and featured presentations and panel discussion by AUSTRAC thought leaders from across the agency on topics including:

• outsourcing and independent reviews
• AUSTRAC’s 2024 Regulatory Priorities and findings 
• actionable financial intelligence and law enforcement outcomes
• insights form the recent national risk assessments
• update on the AML/CTF reforms.

AUSTRAC’s National Manager for Education and Industry Engagement, Dr Rochelle Hurst, provided the keynote address, which focused on AUSTRAC’s ongoing engagement with AML/CTF Advisers, AML/CTF reform and AUSTRAC’s expectations for the industry. 

Dr Hurst’s address also noted that AML/CTF Advisers can be the subject of regulatory attention where they do not strive to reach a professional standard. Dr Hurst said: 

“The 2024 AML/CTF Advisers Forum highlighted the important role advisers play in the AML/CTF ecosystem. AUSTRAC has clear expectations of advisers when offering advice, products and services to reporting entities to help them understand and comply with their AML/CTF obligations.”

“Advisers have the potential to make a meaningful contribution by assisting reporting entities to provide higher quality reporting leading to actionable financial intelligence, which in turn contributes to achieving AUSTRAC’s vision of a financial system free from criminal abuse,” says Dr Hurst. 

Resources for AML/CTF Advisers

AUSTRAC expects AML/CTF Advisers to keep up to date with AUSTRAC information, industry trends, best practice and money laundering and terrorism financing risks that are relevant to their clients. We encourage all AML/CTF Advisers to familiarise themselves with AUSTRAC’s expectation of AML/CTF advisers. 

AML/CTF Advisers should also familiarise themselves with AUSTRAC’s guidance to reporting entities on engaging AML/CTF advisers, independent reviews and outsourcing AML/CTF functions. 

If you’re an AML/CTF Adviser seeking engagement from AUSTRAC, email AML_CTF_Advisers@austrac.gov.au.