On the home straight: AML/CTF reform deadlines loom
The clock is ticking and it is also time for Tranche 2 entities to tick all the boxes as the long-awaited AML/CTF laws reform deadlines finally land on the doorstep.
THOSE distant warnings of Tranche 2 AML/CTF rules for property professionals are now a four-alarm siren.
July 1 is a key deadline that applies to conveyancers, lawyers, accountants and real estate agents.
- If you provide a designated service on or after that date, you have until July 29 to enrol and register with AUSTRAC.
- To do that, you’ll need a user account. There’s a how-to at https://www.austrac.gov.au/new-austrac/enrol-us/enrol-us-overview
- Businesses need a written AML/CTF plan, train staff, and be ready to report to AUSTRAC.
- Each business will need a designated AML/CTF manager.
- Staff need to conduct due diligence on clients, note large cash transactions and suspicious activity.
- Again, there is plenty of guidance on the AUSTRAC site. Look for “Program Starter Kits.” There is one for each industry.
- Industry bodies like the AIC and REIA offer help, as do software providers like triSearch.
Compliance might seem a burden, but it can’t be ignored or neglected.
Although AUSTRAC has indicated it will initially hand out warnings or infringement notices, penalties can be severe.
Courts will have the power to impose fines on companies of up to $33 million, and $6.6 million for an individual.
You can outsource, for a fee… but outsiders can’t be held responsible for your mistakes.
The buck stops… with you.
