AUSTRAC Publishes Regulatory Guides on Strengthen AML Controls

The regulatory guides cover governance, risk assessments, customer due diligence, IFTI reporting, and correspondent banking relationships.

AUSTRAC has developed five new regulatory guides to help reporting entities review and strengthen their AML/CTF programmes, systems and controls.

The guides cover key areas of AML/CTF compliance identified through AUSTRAC’s regulatory activity during 2020. “Using the guides will help you continue to meet your AML/CTF compliance obligations and protect your business,” AUSTRAC said.

AUSTRAC has also updated the resources available to help firms identify gaps in their customer identification, verification and ongoing customer due diligence processes.

A set of new guidance resources including a video animation, fact sheet and FAQs on how to submit more effective SMRs (suspicious matter reports) is also now available here.

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