The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) requires the AUSTRAC Chief Executive Officer (CEO) to undertake consultation with certain industry and government representatives and to consider comments made during consultation.
AUSTRAC consults through a variety of committees and forums that are listed each year in the agency's annual report. Public consultation also occurs through AUSTRAC's website, where relevant material is published for feedback; for example, AML/CTF Rules and guidance notes. In some instances non-confidential feedback and submissions are also published on the website where appropriate.
AUSTRAC Industry Consultative Forums
The AUSTRAC Industry Consultative Forums (ICF) provide an opportunity for the AUSTRAC CEO to consult reporting entities or their representatives in performing his functions for the purposes of paragraph 212(2)(a) of the AML/CTF Act.
The AUSTRAC ICF consists of the AUSTRAC Financial Consultative Forum (FCF) and AUSTRAC Gambling Consultative Forum (GCF).
The purpose of the AUSTRAC ICF is to:
- facilitate an open exchange of views and information on matters pertaining to the performance of the AUSTRAC CEO's functions relating to reporting entities
- identify ways to minimise the cost of compliance with the AML/CTF Act and AML/CTF Rules
- develop strategies to deal with compliance risks
- better understand and meet industry communication needs.
Representation on the AUSTRAC FCF is drawn from:
- representatives invited by the AUSTRAC CEO from banking and other financial industry peak bodies whose members include reporting entities
- reporting entities invited by the AUSTRAC CEO to represent financial industry sectors which do not have a peak body, e.g. remittance service providers
- the Attorney-General's Department
- representatives of the Federal Privacy Commissioner.
Representation on the AUSTRAC GCF is drawn from:
- representatives invited by the AUSTRAC CEO from gambling industry peak bodies whose members include reporting entities
- reporting entities invited by the AUSTRAC CEO to represent gambling industry sectors which do not have a peak body
- the Attorney-General's Department
- representatives of the Federal Privacy Commissioner
- the Treasury.
The AUSTRAC ICF meet twice a year but may meet on an ad hoc basis if required. ICF members can access meeting information by logging in with their username and password at http://forum.austrac.gov.au/.
