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.
- The Governance: board and senior management oversight regulatory guide explains why senior leadership should be involved in all activities that could impact AML/CTF compliance.
- The Money laundering/terrorism financing risk assessments regulatory guide explains the need to regularly review ML/TF risk assessment and respond promptly to the latest advice about new and emerging risks.
- The Ongoing customer due diligence regulatory guide explains how ongoing customer due diligence helps to protect businesses and the community from serious and organised crime, including how transaction monitoring programme should operate to help identify suspicious activity and support enhanced customer due diligence.
- The International Funds Transfer Instructions (IFTIs) reporting regulatory guide explains the importance of ensuring IFTI reports are complete, accurate and timely, and that systems are in place to ensure reporting is not interrupted due to system or process changes.
- The Correspondent banking relationships regulatory guide explains how to manage the risks involved with correspondent banking relationships and how to protect against risk and prevent AML/CTF breaches.
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.