AUSTRAC notes that by some estimates, more than AUD1.5 trillion of illegal funds are laundered worldwide each year!
The AML / CTF regime in Australia (anti-money laundering and counter-terrorism financing) 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.
Customer identification and verification, and compliance reporting by businesses, is the cornerstone of an effective AML/CTF regime.
On 1 June 2014, additional customer due diligence requirements came into effect under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. These additional requirements are contained in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1). Given the importance of these reforms and in recognition of the required effort of reporting entities to be fully compliant, AUSTRAC allowed a transitionary period with full implementation required by reporting entities from 1 January 2016.
This 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.
The course is delivered online. You can access your course materials anywhere and anytime provided you have internet access.
The course topics are:
Topic 1 Introduction to the AML/CTF Act
Topic 2 About AML/CTF programs
Topic 3 Part A of an AML/CTF program
Topic 4 Part B of an AML/CTF program
Topic 5 AML/CTF reporting and record-keeping
Please contact us for a course outline or for further information.