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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.
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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.
