With the Christmas and New Year period behind us, you may think you can sit back and relax. However, if you haven’t thought about Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) since March 2014, there could be more drama ahead. Not managing your compliance requirements on a consistent basis can lead to panic at this time of year, or worse – a visit from an AUSTRAC officer who can impose criminal penalties for an oversight in this area.
Follow these five simple steps to make AML/CTF Compliance stress free.
- Update your enrolment details with AUSTRAC via the web portal. It is important that your information is up to date before you attempt to submit your Compliance Report.
- Have an Independent Review of your AML/CTF program completed to identify and rectify any deficiencies in your systems. This should include an assessment of the impact of the changes which were made to the AML/CTF Act and Rules between June and December 2014 and any changes to your business, for instance the introduction of new technologies such as TITO (ticket in, ticket out systems).
- Update your AML/CTF Compliance Program to reflect the findings of the Independent Review.
- Provide AML/CTF risk awareness training to employees. Ensure that workers are aware of deficiencies identified during the Independent Review and any changes made to the Program.
- Complete your Compliance Report via the web portal. If you have completed the above steps you should be able to complete your Compliance Report with confidence.
Our Safety and Compliance Team can also provide assistance with the above areas to make AML/CTF Compliance even easier. Contact our Safety and Compliance team at firstname.lastname@example.org or call (07) 3878 9355 for a confidential discussion.