AML/CTF and the shape of what’s to come for practitioners
Conveyancers, lawyers and real estate agents have been given their first look at AML/CTF reform requirements and a guidelines document just released.
AUSTRAC has released guidelines it says will help conveyancers and other reporting entities comply with changes to Anti-Money Laundering/ Counter-Terrorism Funding legislation.
From July 1 next year, thousands of new businesses will be required to report suspicious transaction requests.
Aside from conveyancers, the AML/CTF reform will impact real estate agents, accountants, lawyers and dealers in precious metals and stones.
AUSTRAC CEO Brendan Thomas said money laundering does “immeasurable harm” to the community.
“Organised criminals have one goal: to make money to fund their lifestyle and further criminal enterprise,” Mr Thomas said.
“These people make huge profits by harming the community. They are involved in the worst types of crimes, and they take advantage of gaps in the financial system anywhere they can find them.
“For too long criminals have been able to take advantage of so-called ‘gatekeeper professions’.”
“That changes next July when the new laws come into force and better equip us to combat the money laundering and terrorism financing threats posed by increasingly sophisticated criminal enterprises.”
AUSTRAC says the guidance is designed to help incoming reporting businesses understand and implement their new obligations, while giving existing reporting entities information on what will change.
Peak industry bodies have been involved in the design of the protocol design.
Risk insights and indicators are also included for each of the newly regulated sectors as well as further support for the digital currency exchange sector.
“By working together to close these gaps we will create a hostile environment for organised crime and reduce its impact on the community,” Mr Thomas said.
“The release of the guidance is a key milestone for AUSTRAC’s AML/CTF reform program.
“AUSTRAC is working hard to adjust its capacity to administer the new laws and to assist new businesses to transition to compliance with their new obligations.”
Mr Thomas said that businesses could expect more resources to follow, such as sector-specific guidance and starter kits for AML/CTF programs.
“We have been clear about our expectations and what businesses need to do to meet their obligations before 1 July, but we don’t expect businesses to do it alone,” he said.
“We want to see real efforts to comply and real cooperation to protect Australia’s financial system and community from harm.”
The AML/CTF reform guidelines are posted on the AUSTRAC website:
