AUSTRAC announces AML/CMF strategies

AUSTRAC has released a suite of strategies detailing how the regulator will direct its anti-money laundering and counter-terrorism financing (AML/CMF) efforts in the areas of intelligence, supervision and enforcement.

Providing explicit strategies will provide the industry with insights into the current priorities, focus and activities across the agency, according to AUSTRAC chief executive John Schmidt.

AUSTRAC will focus on assessing compliance behaviour across industries and identifying specific entities whose behaviours differ from industry standards, he said.

“One of our supervision priorities will be transaction reporting with a focus on under-reporting, non-reporting and the quality of transaction reports,” Schmidt said.

“We will also focus on providing guidance, education and training to less resourced entities, and will continue to assess AML/CTF programs and compliance.”

Intelligence work would focus on analysing financial intelligence that supports Government priorities such as national security, organised crime and terrorism.

Enforcement strategy details how AUSTRAC’s approach to enforcement aims to achieve compliance at individual entity and industry level.

“We will take into account the nature of the non-compliance, the money laundering or terrorism financing risk associated with the reporting entity, the entity’s willingness to comply and the likely result and deterrent effect of any enforcement action,” Schmidt said.