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For the 2010-11 year, in order to be fully effective, Supervision's activities must:
- support AUSTRAC's commitment to international conventions
- enhance AUSTRAC's ability to identify and supply timely information to partner agencies that pertains to any potential ML/TF events
- minimise the possibility that AUSTRAC fails to act on information indicating a breach in a reporting entity's compliance regime.
At an operational level, the success of Supervision's activity will be measured by the increase in spread (i.e.number of actively engaged reporting entities) and depth (i.e. volume and quality) of compliance behaviours across the regulated population.
In support of this, Supervision will work to improve:
- the validity, completeness, timeliness and relevance of reporting entities' transaction reports information (i.e. International Funds Transfer Instructions (IFTIs), TTRs and SMRs)
- reporting entities' awareness and understanding of their AML/CTF obligations
- the regulated population's awareness of new and emerging threats, weaknesses or criminal trends in the current AML/CTF environment, both domestically and internationally.
13-OCT-2010
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