Anti-Money Laundering and Counter-Terrorism Financing Act (Australia): what it asks of a monitoring programme
The Australian Act as held: transaction monitoring and risk assessment in the Part A programme, enhanced customer due diligence and PEPs in Part B, and the suspicious matter, threshold transaction and international funds transfer reports.
Shown when Australia is ticked.
Typologies anchored here
50Every obligation cited, quoted
17 of the 39 heldThe requirement text is our statement of each clause, read against the copy we hold and cited to it; it is not the instrument verbatim. Rows the export flags as shared evidence are never shown.
AUSTRAC AMLCTF-41 Suspicious Matter Reports (SMRs)Reporting entities must submit SMRs when suspecting a customer or transaction relates to money laundering, terrorism financing, or other criminal activity. Within 24 hours for terrorism financing; 3 business days for other matters.
Where programmes usually fall short: Suspicious matters not reported within statutory timeframe
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-43 Threshold Transaction Reports (TTRs)Cash transactions of A$10,000 or more (or foreign currency equivalent) must be reported within 10 business days after the transaction date.
Where programmes usually fall short: Threshold transactions not reported
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-45 International Funds Transfer Instructions (IFTIs) - SendingTransfer instructions for funds of any value sent out of Australia must be reported within 10 business days.
Where programmes usually fall short: IFTIs not reported
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-46 International Funds Transfer Instructions (IFTIs) - ReceivingTransfer instructions for funds of any value received into Australia must be reported within 10 business days.
Where programmes usually fall short: Remittance IFTIs not reported
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-114 Electronic Funds Transfer RecordsRecords relating to electronic funds transfers must be maintained under s 114.
Where programmes usually fall short: Program records not retained
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-NEW-PRODUCTS New Product and Channel RiskAssess AML/CTF risks before launching new products, services, channels, or technologies.
Where programmes usually fall short: New products launched without ML/TF risk assessment
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartA-OCDD Ongoing Customer Due DiligenceProcesses to ensure customer information remains up-to-date, including enhanced customer due diligence (ECDD) for high-risk customers.
Where programmes usually fall short: No ongoing CDD
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartA-Officer AML/CTF Compliance OfficerDesignation of a compliance officer at management level to manage implementation of operational measures.
Where programmes usually fall short: No designated AMLCO
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartA-Review Independent ReviewPart A must be regularly independently reviewed to ensure adequacy and effectiveness.
Where programmes usually fall short: Part A never independently reviewed
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartA-RiskAssess ML/TF Risk AssessmentPart A must include identification, mitigation and management of the money laundering and terrorism financing risks the entity may reasonably face in providing designated services.
Where programmes usually fall short: No ML/TF risk assessment
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartA-TxnMon Transaction MonitoringSystems and controls for monitoring customer transactions for unusual or suspicious activity.
Where programmes usually fall short: No transaction monitoring
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartB-BO Beneficial OwnershipIdentification and verification of beneficial owners of customers.
Where programmes usually fall short: Beneficial owners not identified
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartB-ECDD Enhanced Customer Due DiligenceEnhanced CDD must be applied in high-risk scenarios with additional identification, verification and monitoring steps.
Where programmes usually fall short: No ECDD for high-risk customers
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartB-PEP Politically Exposed PersonsProcedures for identifying customers and beneficial owners who are Politically Exposed Persons (PEPs).
Where programmes usually fall short: PEPs not identified or escalated
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-PartB-RBA Risk-Based Approach to CDDCustomer due diligence procedures must be based on the level of ML/TF risk that different customers pose.
Where programmes usually fall short: CDD not risk-based
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-SANCTIONS Sanctions ScreeningScreen customers and transactions against DFAT consolidated list and UN sanctions to comply with autonomous sanctions.
Where programmes usually fall short: No sanctions screening
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)
AUSTRAC AMLCTF-Structuring Structuring OffenceIt is a criminal offence to structure transactions to avoid threshold reporting requirements (e.g., splitting a $15,000 cash transaction into two below $10,000).
Where programmes usually fall short: Structuring not detected or addressed
Source: Anti-Money Laundering and Counter-Terrorism Financing Act (Australia)