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AUSTRAC commence onsite inspections

7 September 2009

What's new?

AUSTRAC have announced that they will commence onsite inspections from a sample of up to 4,000 advice firms, fund mangers and superannuation, life insurance and custody businesses.

Inspections relate to monitoring of compliance with the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act).

Planners (and other reporting entities) have had two years to comply with their obligations under the Act, and while they have self reported that they have substantially complied with their obligations, AUSTRAC assessments indicate that this may be overstated in some circumstances.

How does this affect me?

Now that all the obligations under the AML/CTF Act have been introduced, AUSTRAC has announced a shift in their supervision approach; moving from assisted compliance by the regulator to a greater emphasis on enforcement activity.

All reporting entities have obligatoins under the Act, including:

• Implementation of an AML/CTF program
• Customer identification
• Ongoing customer due diligence
• Suspicious matter reporting

Non-compliance with your obligations under the Act could result in civil penalties of up to $11 million for companies and up to $2.2 million for individuals.

How can Certainty help?

Certainty Compliance can consult with you and ensure that you have all your obligations in place. Please contact a Certainty consultant on (02) 9238 8091 or enquiries@certaintycompliance.com.au for further information or to arrange a pre-inspection review.