Financial crime red flags – a guide for financial planners
One of the key findings in the risk assessment was that criminal offences can occur at any stage of the cycle in which a customer engages a financial planner. To assist financial planners to recognise potential criminal activity, AUSTRAC has developed a poster: Financial Crime Red Flags – A Guide for Financial Planners (PDF 1.7KB). Financial planners can use this poster alongside the risk assessment to evaluate and improve their AML/CTF systems and controls, to better protect and strengthen the sector against criminal activity.
ML/TF risk assessment
AUSTRAC assessed the overall risk of ML/TF activity as medium. The report found that as financial planners facilitate access to financial services for their customers, this can make them susceptible to exploitation for criminal purposes. It also means planners are well-placed to detect suspicious behaviour by their customers. The report encourages the financial planning sector as a whole to ensure that AML/CTF compliance is a greater part of the organisational culture.
Access individual chapters below or download a PDF version of the risk assessment here (PDF, 2MB)
This risk assessment is intended to provide a summary and general overview; it does not assess every risk or product relevant to the financial planning sector. It does not set out the comprehensive obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), AML/CTF Regulations and AML/CTF Rules. It does not constitute nor should it be treated as legal advice or opinions. The Commonwealth accepts no liability for any loss suffered as a result of reliance on this publication. AUSTRAC recommends that independent professional advice be sought.
AUSTRAC is committed to continual improvement and values your feedback on our products. We would appreciate notification of any outcomes associated with this report by contacting us via firstname.lastname@example.org.