Under the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Rules it is a legislative requirement to submit an AML/CTF compliance report to the Australian Transaction Reports and Analysis Centre (AUSTRAC). Fines can be imposed if you do not complete the report by 31 March 2014.
Criminal penalties may also apply if you provide false or misleading information on this report so remember if you think you’ve covered questions such as the ones below, make sure you have evidence to back it up.
Three areas that require evidence in an AUSTRAC audit:
Was an independent review of your AML/CTF program conducted by an internal party and/or an external party? (For instance an audit report has been prepared and corrective actions rectified.)
Did you screen employees who were in a position to facilitate money laundering or terrorism financing? (For instance reference, visa, police checks and background checks are performed as part of the recruitment process for all new and transferred employees)
Have you provided AML/CTF risk awareness training for employees? (For instance a training register is maintained to keep up to date information on employees’ qualifications i.e. AML/CTF inductions, staff meetings, AML/CTF training sessions.)
Managing an effective Anti-Money Laundering Compliance and Auditing program for your business can be a complex and stressful task if you don’t have the expertise on hand.
If you’re unsure of how well your venue complies, contact email@example.com or call (07) 3878 9355 for a confidential discussion.