Description
AUSTRAC’s vision is a financial system free from criminal abuse. Its purpose is to build resilience in the financial system and use financial intelligence and regulation to disrupt money laundering, terrorism financing, and other serious crime.
Our AML/CTF regulation refresher can form part of your annual risk awareness training requirements.
In this refresher you will learn to:
- define what money laundering is
- discuss the reasons why criminals launder money and the economic and social consequences of those actions
- identify the three stages of money laundering
- describe the principal uses and sources of money by terrorist organisations and the principle methods used to transfer money
- outline the key requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Financial Transaction Reports Act 1988, and to whom they apply
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Our AML/CTF program
Providing clear and meaningful, up-to-date coverage of applicable regulation and rules, including:
- putting together your AML/CTF program
- complying with customer due diligence requirements
- meeting reporting obligations.
Our FEP Insights
Braving the AML storm swirling on the horizon
There is a perfect storm swirling on the horizon, and the right response is to plan to build a windmill not a wall. Some institutions will need to transform their thinking to develop appropriately oriented AML/CTF mindsets.
The current climate is ripe for compliance with AML/CTF rules to be approached from a new perspective. Too often, implementation and accountability rests with IT departments that generally get treated merely as a cost centre. Few organisations value and engage IT as a project partner capable and worthy of strategic input into revenue-generating activities.
