New AML/CTF laws ready to kick in
AUSTRAC is calling for all relevant businesses to complete their enrolment process by the end of July.
NEW anti-money laundering and counter-terrorism financing laws begin on July 1 and now is the time for businesses to become compliant.
AUSTRAC, the federal government’s money laundering regulator, says relevant businesses must be enrolled with the agency by July 29.
The reforms may apply to you if you provide designated services as a:
- legal professional
- accountant
- conveyancer
- real estate professional
- dealer in precious metals, stones or related products.
ASUSTRAC said serious and organised crime has real and devastating impacts on the community, including human trafficking, child exploitation and serious drug crime.
Money laundering helps criminals hide profits from these activities and move funds through legitimate businesses and systems.
“With financial crime costing Australia up to $82 billion each year, these reforms will help close gaps criminals have been exploiting and strengthen Australia’s ability to detect and disrupt serious crime,” AUSTRAC said.
Relevant businesses must complete their enrolment through AUSTRAC’s online portal.
“By now, businesses should have the right people, processes and controls in place to meet their AML/CTF obligations,” AUSTRAC said.
“This includes being ready to identify and report suspicious activity when required.”
For more information and the enrolment form, log on to austrac.gov.au.
