AML/CTF Compliance Program Updates Required from AUSTRAC

In the last week AUSTRAC has released changes required to Anti Money Laundering/Counter- Terrorism Financing (AML/CTF) Compliance Programs.

A Summary of the changes required include:

  • The method of conducting the risk assessment is to be documented
  • A risk scale is to be included (low, med, high)
  • Add inherent risk score to the risk assessment (score before any controls are in place)
  • Add residual risk score to the risk assessment (score after controls are in place)
  • Break up controls into (a) preventative: controls that limit the potential for ML/TF and (b) detective: controls that monitor activity for unusual patterns, behaviour, or activity
  • Controls must be a combination of preventative and detective
  • The ML/TF risk assessment is to be a living document and is to be reviewed and updated regularly
  • The updated ML/TF risk assessment is to be communicated and escalated to senior management /board for oversight purposes

AUSTRAC have also released a new awareness video on ML/TF Risk which you can view HERE

For further information on these changes you can visit the AUSTRAC Website HERE
or if you would like assistance with getting your compliance programs updated or require an independent review before the end of the year please feel free to contact our DWS WHS & Compliance Advisor Michelle Pitman at michelle@dws.net.au


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