Anti-Money Laundering Course Australia
An anti money laundering course Australia wide needs to be built on the Australian regime, and a great deal of the content available online is not.
The differences are substantive rather than cosmetic. The regulator is AUSTRAC, and enrolment and reporting run through it. The obligations attach to designated services defined in Australian legislation. Reporting types, thresholds and timeframes are set locally. And the tipping off provisions are Australian.
Overseas material typically references a different regulator, different report types and different customer due diligence standards. Staff trained on it will look for the wrong things and report to the wrong place.
The quickest check on any course is whether it names AUSTRAC and describes suspicious matter reporting in Australian terms. If it does neither, it was written for another market.
AUSTRAC is the Australian regulator. This is general information rather than legal advice, and obligations vary by state and territory.
See Sentrient’s AML/CTF course and workplace compliance courses.
3 Biggest Impacts of Money Laundering
Introducing illegally obtained funds into the stream of legitimate commerce and finance allows criminals to profit from their illegal activity, undermines the financial system, and erodes public trust. 1. Supports criminal activity When criminals profit from illegal activities, they can invest more money into the black-market economy and enable more crimes to be committed. As […]
The 6 Ways That Money Is Laundered
Criminals use diverse methods to launder money which is the proceeds of crimes such as drug trafficking, terrorist activities, and tax evasion. As with other criminal activity, these methods are used to sidestep regulatory and law enforcement measures and to exploit current and emerging channels. 1. Banking system The major channel for money laundering is […]
The 6 Ways That Terrorism Is Financed
How is terrorism financed? A number of channels are likely to pose an increased risk of being misused for terrorism financing. One significant difference between terrorism financing and other crime types is that most terrorism financing in Australia originates from legitimate sources and activities. 1. Banking and remittance Banking and remittance use bank, interbank and […]
New Compliance Course Released – Anti Money Laundering and Counter Terrorism Financing Training
Sentrient is proud to release the new online anti-money laundering (AML) and counter terrorism financing (CTF) course as its latest online course that forms part of a fast-growing and comprehensive suite of online workplace compliance courses for organisations with employees, contractors and volunteers who are based in Australia, New Zealand, Singapore, USA, Canada, UK, and […]
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