If AUSTRAC turned up and audited you today, would you be ready?
And just a side note, AUSTRAC have recently been conducting random and very thorough audits of pubs and clubs around Australia.
Every year, your venue needs to ensure that your annual report to AUSTRAC regarding AML/CTF Compliance is submitted before the close date of March 31st. Failure to submit your report on time will cost you 60 penalty points (@ $210 per unit = $12,600). Ouch!
Here is a quick checklist to assess your current level of compliance.
The annual Compliance Report to AUSTRAC covers all the above elements. False or misleading information submitted is a federal offence, so it pays to report accurately and truthfully.
When you engage DWS for your AML/CTF compliance reviews and training, you not only get the peace of mind of knowing your program is fully compliant, but you also get Michelle’s assistance with submitting your Annual Report in the January – March 2020 period.
Time is running out to get your compliance program reviewed, updated or developed for the 2019 period. So call or email me to organise your review and training.
A recent client testimonial:
“Recently, we received notification from Austrac that they were planning to audit our AML program, and associated Risk assessment and staff training program. This included providing evidence of the mandatory review (from an independent body) that is required to be completed every 12-18 months. We had not had a review carried out. The program that we had, was written on the basis of an old template, and as it turned out, was out of date, and not addressing a lot of the requirements under the act. For a small fee, we engaged DWS to update our program, along with the other requirements, and this was sorted out inside of 2 weeks. I highly recommend any tavern or club engages DWS for the purpose of this task”
– Matthew Hewer – General Manager
Cazalys Palmerston Club | Palmerston Golf & Country Club.