Time to get your AML/CTF house in order
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 began on July 1 and now is the time for businesses to become compliant.
AUSTRAC, the federal government’s money laundering regulator, said relevant businesses should be enrolled with the agency by July 29.
But businesses must apply to enrol with the agency through AUSTRAC Online no later than 28 days after the day it starts providing a designated service.
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.
AUSTRAC 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.
