AUSTRAC has ordered the appointment of an external auditor to Afterpay Pty Ltd (Afterpay) to examine its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
AUSTRAC has issued Revolut Payments Australia Pty Ltd (Revolut) with an infringement notice totalling $187,800 after the company notified
An AML/CTF program must include KYC procedures to collect and verify a customer’s identity.
Thank you to FINSIA for the invitation to be here today.
Your AML/CTF program must document the enhanced customer due diligence program that you will apply when the money laundering/terrorism financing risk is high.
As part of National Missing Persons Week 2017, AUSTRAC with its Fintel Alliance industry partners, will support police investigations of financial crime that may impact missing persons.
AUSTRAC is seeking submissions on draft updated guidance on alternative identification processes reporting entities can use to assist customers who may have difficulty providing standard identification.
The guidance provides information about using a flexible, risk-based approach to customer identification to ensure that those with diverse backgrounds or facing challenging circumstances can access the financial services that they need, resulting in better financial inclusion.
A referral from AUSTRAC helped an investigation targeting registered sex offenders travelling offshore to commit offences against children.
In November, AUSTRAC is hosting a forum in Melbourne and Sydney exclusively for AML/CTF advisers. This forum is a valuable resource for advisers of all experience levels.
Reforms have been made to strengthen Australia’s anti-money laundering and counter-terrorism financing laws.