AML/CTF starter kits set to offer a happier New Year
A source of anxiety for conveyancers as AML/CTF changes loom has been not knowing where to start. AUSTRAC pledges to provide the answers in January. It's late, but with deeper detail, they say.
CONVEYANCERS and other affected by the Tranche 2 AML/CTF regime will be getting compliance starter kits by the end of January.
That’s the personal promise of AUSTRAC Chief Executive Brendan Thomas, speaking in the Australian Conveyancer’s inaugural Settlement Day podcast (details below).
“We will give you everything you need to know as a small businessperson to be able to comply with the law,” he said.
Podcast guests AIC Victoria President Shakila Maclean and AIC NSW President Jennie Tonner said members had hoped for starter kits earlier.
But Thomas said AUSTRAC had to consider more than 300 submissions, tailoring its advice for specific industries including conveyancing, lawyers and accountants.
“The last thing you want to worry about is additional regulation, an additional cost, an additional burden,” he added.
“We also appreciate people like conveyancers really don’t know anything about money laundering or financial crime,
“So, the focus is on these starter programs. We’ll give you the details of how to run a money laundering program and the steps you need to put that in place to comply with the law.”
Tonner said delays were holding up education and training of staff and sought assurance of a January delivery.
“Yes, they’ll be coming out in January,” Thomas replied. “It will be a much more comprehensive starter program than we’d originally envisaged.
“Your timeframe to implement that program will be shorter, because that program will have more comprehension in it. It will give you the bulk of what you need to do.”
Watch the Settlement Day video podcast in full now:
