Anti-Money Laundering And Counter Terrorism Financing

Anti money laundering and counter terrorism financing obligations in Australia attach to designated services rather than to industries as a whole, and that distinction catches organisations out.

The question is not whether your sector is regulated. It is whether you provide a service that appears in the legislation. Two businesses with the same job title can have entirely different obligations depending on what they actually do for clients.

Where you do provide a designated service, you are a reporting entity. That generally brings enrolment with the regulator, a written AML/CTF programme, customer identification and verification, ongoing customer due diligence, suspicious matter reporting and record-keeping obligations.

The first step is not buying training. It is establishing in writing whether, and exactly where, you provide a designated service.

AUSTRAC sets out designated services and obligations. This is general information rather than legal advice, and obligations vary by state and territory.

See Sentrient’s AML/CTF course and workplace compliance system.