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AUSTRAC publishes updated guidance and checklist for selecting AML Advisers



On 11 April 2022, 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.


Related post

Gen Advisory, "Guidance for AML Advisers and Reporting Entities", 7 October 2020.




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