The AUSTRAC risk management tool: Are you meeting your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006?

The AUSTRAC risk management tool: Are you meeting your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006?

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  By Dr. Drew Donnelly, Compliance Quarter. Last month in Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket we addressed the government’s increasing crackdown on financial crime and wrongdoing and those who would (even unwittingly) facilitate it. We mentioned the recent court case involving Tabcorp where the organisation agreed to pay $45 million for failing to meet its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act). Today we take a closer look at the requirements of the Act. Specifically, we look at the risk-management obligations for small-to-medium sized enterprises (SMEs) under that Act and its associated regulatory regime. This should be particularly pressing for SMEs, given that the Australian Transaction Reports & Analysis Centre (AUSTRAC) recently identified…
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