AUSTRAC publishes updated guidance and checklist for selecting AML Advisers
- Michael Lukman
- Mar 10
- 1 min read
Updated: Apr 16
In June 2023, AUSTRAC published updated guidance on selecting an appropriate AML/CTF specialist adviser.
Whether your business needs an AML/CTF Adviser will depend on the size, nature, or level of risk your business operates under.
An AML/CTF Adviser can help you to:
develop a tailored money laundering and terrorism financing risk assessment for your business;
build your understanding of the AML/CTF risks facing your sector and business;
provide advice on your AML/CTF obligations;
train your staff on AML/CTF matters; and
conduct independent reviews of your AML/CTF program.
AUSTRAC has also published a checklist which contains:
the factors businesses should consider when engaging a potential AML/CTF Adviser; and
the services the Adviser will be responsible for.
The updated guidance and checklist can be accessed here.
P.S. For the more visually-inclined: Check out also this Gen Advisory infographic, which visually illustrates the above AUSTRAC guidance.
Related post
Gen Advisory, "Guidance for AML Advisers and Reporting Entities", 7 October 2020.
Gen Advisory Pty Ltd is a specialised Australian professional services firm helping financial sector participants meet their business objectives and regulatory requirements. Our core competencies include: ASIC (AFSL and ACL) licensing, AML-CTF; international regulatory developments and best practices; and training.
