21 February 2022 - Insights and tips to help you with your compliance report

Your business is at the frontline of Australia’s anti-money laundering and counter-terrorism financing efforts. Each year, most regulated businesses are required to lodge an annual compliance report to AUSTRAC.

The 2021 compliance reporting period is open. You must submit your compliance report by 31 March 2022.

Based on what businesses told us in last year’s compliance reports, here are our three top tips to help you meet your AML/CTF obligations.

  • Ensure your ML/TF risk assessment and staff training are up-to-date
  • Strengthen how your business identifies and manages high risk customers
  • Use a strong transaction monitoring program to detect suspicious activity

 

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.