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ISCOVER
Businesses across the financial services sector are now required to implement anti-money laundering/counter-terrorism financing (AML/CTF) programs after the most significant provision of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) came into effect yesterday.
In conjunction with the new requirements the Minister for Home Affairs Bob Debus announced a suite of tools to assist businesses meet their new obligations.
The tools include AUSTRAC Online, an information portal to help businesses lodge compliance reports as well as an introduction to AML/CTF – the first course in AUSTRAC’s e-learning program.
“These tools are designed to help businesses understand money laundering and terrorism financing impacts. The aim is to work in partnership with industry and implement Australia’s AML/CTF reform strategy together,” Debus said.
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