AUSTRAC sparked a criminal investigation into unregistered remitters that led to money laundering convictions and the forfeiture of millions.
Your AML/CTF program must document the enhanced customer due diligence program that you will apply when the money laundering/terrorism financing risk is high.
You must have a transaction monitoring program in place to identify suspicious and high-risk transactions from customers.
Some exemptions from AML/CTF compliance and reporting obligations are set out in legislation.
RegTechs play an important role in helping reporting entities meet their AML/CTF obligations.
AUSTRAC can require a reporting entity to appoint an external auditor. An external auditor is authorised by AUSTRAC for the specific audit.
AML/CTF advisers must offer tailored services to help businesses meet their compliance obligations.
A list of AUSTRAC's exchange instruments with foreign jurisdictions or organisation
The Freedom of Information Act 1982 gives everyone the right to access AUSTRAC documents if they are not exempt from public release under the Act.
Our objectives and goals around diversity are stated in our Diversity and Inclusion Program.