Learn about the principles and guardrails that underpin our approach to co-design as an agency.
We use co-design principles when working with our internal and external stakeholders to design products:
- for ourselves
- for reporting entities
- as part of joint agency initiatives
- for the development of other business initiatives.
This includes products such as:
- policies
- services
- guidance and educational materials.
How we approach co-design
We view co-design as a spectrum, ranging from relying on existing insights and research at one end, to full partnership at the other. The level of co-design use depends on the:
- product complexity
- stakeholder needs
- level of risk.
We use co-design principles to inform and support our development of regulatory solutions that are:
- effective
- efficient
- practical.
Co-design principles
There are 6 principles that underpin our approach to co-design.
Inclusive
We engage with stakeholders who are likely to be affected by the initiative. We welcome the expertise to make sure our decision making is fully formed.
Transparent
We communicate throughout the process. This includes any predetermined aspects or outcomes and explanations about why certain decisions have been made.
Trusted
We respect all stakeholders involved in co-design as experienced experts in their field. Their input is:
- valued
- heard
- considered
- responded to.
We make sure that any sensitive information shared has confidentiality protections. Where we share early thinking with stakeholders with confidentiality protections, we expect that these arrangements are honoured.
Purposeful
To the extent possible, ideas and outcomes are not predetermined or set. We are open to stakeholders’ views while aligning outcomes to our regulatory objectives and legislative mandate. We remain flexible to solutions and outcomes and adapt to changing circumstances.
Open
We demonstrate organisational humility, acknowledging that we need the input of stakeholders to be fully informed and effective. Feedback to ideas is responsive, ensuring feedback loops are established and where applicable, closed.
Outcomes-focused partnerships
We aim to develop solutions that are effective, efficient and practical. We work together with stakeholders to improve our products. We support partner agencies and reporting entities’ own efforts to identify, assess, manage and mitigate financial crime risk. We develop strong relationships and innovative solutions through ongoing dialogue.
Our guardrails
We have guardrails on our co-design process to:
- clarify our role
- define boundaries
- maintain focus on shared outcomes.
Decision-making authority
Co-design doesn’t mean co-decision. As Australia’s financial intelligence unit and anti-money laundering and counter-terrorism financing (AML/CTF) regulator, we must make sure all products and initiatives align with our regulatory objectives and legislative requirements.
Process management
During the co-design process we’ll:
- set clear expectations from the beginning
- reinforce and adapt expectations throughout the process.
Engagement quality
We’ll try to make sure there’s appropriate stakeholder representation. We’ll use shared knowledge to develop practical and simple solutions to problems and develop user-friendly products. These will help reporting entities to identify, assess, manage and mitigate financial crime risk and understand their obligations.
Timeframes and confidentiality considerations
There may be some information we can’t share under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Related pages
This guidance sets out how we interpret certain Australian legislation, along with associated Rules and regulations. Australian courts are ultimately responsible for interpreting these laws and determining if any provisions of these laws are contravened.
The examples and scenarios in this guidance are meant to help explain our interpretation of these laws. They’re not exhaustive or meant to cover every possible scenario.
This guidance provides general information and isn't a substitute for legal advice. This guidance avoids legal language wherever possible and it might include generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.