AUSTRAC survey series
Reports published as part of the 'AUSTRAC survey series' will focus on particular areas of interest to AUSTRAC and reporting entities. The series aims to help reporting entities understand and comply with their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF) and the AML/CTF Rules.
Survey of financial services intermediaries
In June 2011, AUSTRAC conducted a survey of reporting entities that provide the item 54 designated service, entities commonly referred to as financial planners and advisers. The survey gathered information about how these entities have understood and implemented their AML/CTF obligations. The survey results, including a range of key findings, can be found in the report.
Survey of reporting entities in the superannuation sector
In late 2010, AUSTRAC conducted a survey of reporting entities in the superannuation sector. The survey gathered information about how these entities have implemented their AML/CTF obligations to monitor customer transactions, conduct staff training and carry out enhanced customer due diligence. The use of outsourced service providers and the identification of suspicious matters were also covered by the survey. The survey results, including a range of key findings across all of these areas, can be found in the report.
Survey of the non-bank lending and finance sector
In October 2010, AUSTRAC concluded a survey of the non-bank lending and finance sector. The survey gathered information about the capacity of entities in the sector to identify and submit suspicious matter reports to AUSTRAC. The survey results, including a range of key findings, have been compiled into a concise three page document.
Market Participants in the securities and derivatives sectors
Suspicious Matter Reports (SMRs) are a critical source of intelligence in combating serious criminal activity, including organised crime, terrorism financing, and tax evasion. In July 2010 AUSTRAC conducted a survey of Market Participants on how these organisations have understood and implemented their SMR and related obligations (including staff risk awareness training, transaction monitoring, and enhanced customer due diligence). A number of key findings emerged from the survey responses and are listed in the Executive Summary of the report.
AML/CTF compliance officers in Australia
In late 2009, AUSTRAC undertook a survey of AML/CTF compliance officers in Australia. These officers play a critical role in ensuring an organisation understands and implements its obligations under the AML/CTF Act and the AML/CTF Rules. Staff in this position are of pivotal importance in the creation and maintenance of effective AML/CTF systems, controls, policies and procedures. The results of the survey can be found in the report below. The report presents a snapshot of how the obligation to appoint an AML/CTF compliance officer has been addressed by a range of reporting entities.