- Are you confident that your club is compliant with all legislated requirements?
- Rules and regulations are ever-changing, when did you conduct your last review?
- If AUSTRAC conducted an audit today, do you have all the necessary measures, monitoring and reporting?
On the 18 May, AUSTRAC issued notices to a Canberra club stating that it had to comply fully with the AML/CTF Laws.
The club now must appoint an approved external auditor to undertake a full audit of their systems and provide directives to the club on how they can achieve compliance. This will be a time-consuming and very expensive exercise for the club and it could have been avoided!
Follow this five-step checklist to keep your venue on track and remain compliant:
- Undertake regular internal reviews of your club’s program and the recording and information gathering systems you have in place.
- Ensure that AML/CTF is a meaningful standing agenda item at your club’s board meetings.
- Ensure that your recruitment process includes due diligence procedures, in line with requirements set by the AML/CTF rules.
- Engage an independent third party to review your program on an annual basis, to ensure the program and monitoring procedures are measured against regulatory compliance requirements.
- Engage industry experts to facilitate training for staff and management to ensure understanding of the program and individual responsibilities can be validated.
There are many facets to club compliance – systems and recording; customer service and care; employee recruitment and training; financial disclosure and reporting…the list goes on.
How prepared is your venue if AUSTRAC conducted an audit visit today?
- Are your systems and recording mechanisms are up to scratch?
- How much do you know about the program that is in place at your club?
- Are you confident that your compliance officer and relevant staff are actively monitoring and complying with the requirements of the implemented program?
- Do you have suitable systems to gather the ‘Know Your Customer’ Information?
- Are your transaction monitoring systems compliant?
- Are you conducting enhanced customer due diligence?
- How do you ensure that employee due diligence is undertaken effectively?
- Are your board and senior management discharging their duty to provide adequate oversight?
- Are your systems being monitored and recorded effectively to ensure your venue would pass a visit from an AUSTRAC Inspector?
With a well-prepared plan in place that encompasses all of the compliance requirements, processes, rules and regulations, you will promote an efficient and safe environment – for your customers to enjoy, employees to flourish in, and your venue to strengthen and grow.
So don’t wait until AUSTRAC comes calling, make sure your club is audit-ready.
Need some help getting audit-ready?
DWS can assist with all of your compliance concerns – from assessing your current set-up and providing advice to delivering your entire program and ensuring compliance.
For more information on how we can help your business avoid a stressful AUSTRAC situation, contact one of our friendly consultants at firstname.lastname@example.org or (07) 3878 9355.