It’s a given that Australia’s Anti-money laundering and counter terrorism financing (AML/CTF) regime is a critical component of the country’s defence against money laundering and organised crime.
This refresher topic will offer insights into risks and know your customer obligations that you or others you deal with will need to monitor and comply with.
- What the three stages of money laundering are.
- The reasons why criminals launder money and the economic and social consequences of those actions.
- The principal uses and sources of money by terrorist organisations and the principle methods used to transfer money.
- Key requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Financial Transaction Reports Act 1988, and to whom they apply.
- What the AML/CTF Rules are and how AUSTRAC promotes compliance with the legislation.
- The importance of customer due diligence.