AUSTRAC reviews industry impact of its support following Australian AML/CTF reforms
Deloitte will survey reporting entities across multiple sectors on the costs, implementation challenges and effectiveness of AUSTRAC’s support.
Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has engaged Deloitte to assess the effectiveness of its guidance, education and resources following the implementation of Australia’s reformed anti-money laundering and counter-terrorism financing (AML/CTF) framework. The review will examine reporting entities’ experiences implementing the reforms, including the time and costs involved in understanding their obligations, making operational changes and managing requirements.
AUSTRAC said the research will help determine whether its guidance delivered benefits and reduced the time and cost impacts of implementing the reforms.
The AML/CTF reforms apply across a broader range of designated services and reporting entities, and Deloitte will gather feedback from stakeholders across multiple sectors. Survey invitations may be sent to reporting entities and other stakeholders from late September, with the survey expected to continue through mid-October. Participation is voluntary.
Casinos, bookmakers and pubs and clubs with gaming machines are among the gambling businesses subject to AML/CTF obligations. The reforms require affected operators to maintain appropriate risk-based compliance programmes and processes covering areas such as customer due diligence and reporting.
