An industry facing massive change
While the focus has been on high-volume cash transactions in the anti-money laundering fight, dealers are now being told that assets such as gold and luxury watches should also be scrutinised.
The head of Australia’s financial intelligence agency has sounded the alarm on lagging sign-up for for sweeping new AML/CTF laws.
As the AML/CTF compliance deadline looms, lawyers in NSW have ramped up their efforts to be ready for obligations that come with the reforms.
Law Society publishes special guide to assist lawyers in implementing the necessary changes ahead of July 1.
Enrolment has begun for businesses to start the process of making changes in line with the Tranche 2 AML/CTF reforms.
AUSTRAC has unveiled new guidance around anti-money laundering reforms and given the sector a month to make submissions to the latest changes.
Penalties of $19,000 a day for those who do not sign-up to the new regime. And failure to carry out annual compliance reports also carry a $19,000 fine.
AUSTRAC is involved in a 'frenetic' amount of activity as the number of businesses it monitors is set to jump from 15,000 to 90,000.
Timeline for the introduction of Tranche 2 reforms that will bring practitioners under AUSTRAC scrutiny.
AUSTRAC obligations on conveyancers and property lawyers represent a real change in ethics and client privilege, according to practitioners.
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