Subsection 162(2) notice - external audits - compliance
Under subsection 162(2), Part 13 Division 7 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the AUSTRAC Chief Executive Officer (CEO) may, by written notice, require a reporting entity to:
Before the AUSTRAC CEO can exercise the power to require a reporting entity to appoint an external auditor under subsection 162(2) of the AML/CTF Act, there must be reasonable grounds to suspect that the reporting entity has contravened, is contravening, or is proposing to contravene the AML/CTF Act, the regulations or the AML/CTF Rules.
George Thomas Hotels
Authorised external auditors
Subsection 164(1) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) empowers the AUSTRAC CEO to authorise a specified individual to be an external auditor for the purposes of the AML/CTF Act, in particular for the purpose of subsections 161(2) and 162(2).
Notices given under subsection 161(2) and 162(2) of the AML/CTF Act require a reporting entity to appoint an external auditor. Only authorised external auditors can be appointed by reporting entities that are given notices pursuant to subsections 161(2) and 162(2) of the AML/CTF Act.
View the 'Authorised external auditors' page for the list of authorised external auditors, further information on the Authorised external auditors policy and the application form to apply to become an authorised external auditor.
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