What is the ‘anti money laundering course’? The AML /CTF (anti money laundering and counter-terrorism financing) course provides an overview of the current AML/CTF regime in Australia, and includes coverage of the additional customer due diligence requirements. The regime seeks to provide a comprehensive legal framework designed to counter money laundering (ML) and terrorism financing (TF), and so contribute to a safer and more secure Australia.
We also cover changes made to the AML/CTF Act in 2016, and foreshadow the inclusion of digital currency exchange providers in the AML/CTF regime from mid-2018.
Course structure (20 hours/points)
There are five topics in this course. When you complete your self-study of each topic, you can undertake the open-book knowledge examination for that topic.
- Introduction to the AML/CTF Act
- About AML/CTF programs
- Part A of an AML/CTF program
- Part B of an AML/CTF program
- AML/CTF reporting and record-keeping
What is the AML/ CTF regime?
Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime is a critical component in Australia’s defence against money laundering and organised crime. To effectively protect Australia’s economy and its participants, including Australia’s global counterparts, the Government seeks to ensure we have a robust and rigorous regime in place that is hostile to money laundering, financing of terrorism, major crime and tax evasion.
AUSTRAC notes that by some estimates, more than AUD1.5 trillion of illegal funds are laundered worldwide each year! This is more than the total output of an economy the size of the United Kingdom. Of the worldwide total, an estimated AUD200 billion is laundered in the Asia-Pacific region.
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