AUSTRAC publishes updated guidance and checklist for selecting AML Advisers

AUSTRAC publishes guidance and checklist to help Reporting Entities select an appropriate AML-CTF Adviser.

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.