Anti-Money Laundering

Introduction

RCA AML/CTF News Room

Last edited 13 October, 2011

 

New AML/CTF obligations come into effect from 1 November 2011 for all reporting entities and remitters.

Irrespective of the number of gaming machines or transactions all reporting entities must enrol with AUSTRAC. 

Following the passage of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Act 2011 and the Combating the Financing of People Smuggling and Other Measures Act 2011, there will be changes to the AML/CTF Act which will apply to all reporting entities and remitters. From 1 November 2011 the AML/CTF Act will require:

  • reporting entities to enrol with AUSTRAC and to keep enrolment details up to date
  • providers of remittance services (remitters) to apply to be registered with AUSTRAC, which will include the requirement to demonstrate suitability for registration.

Important: If you are currently enroled with AUSTRAC you still must registar

If you need assistance, please contact Paul Mulligan, Louise Murphy.

Click here for a fact sheet.

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The legal implications of a failure to execute appropriate anti-money laundering training should be more than enough to persuade professional entities to honor these obligations. Anti-money laundering training can help any financial institution or otherwise regulated body to remain in compliance with acceptable legal standards. Though it is, to a certain extent, the responsibility of any regulated agency to report suspicious activity without the intervention of a legislative body, anti-money laundering training ensures compliance through procedure. Federal laws and agencies affiliated with identifying money laundering will set a limit on the amount of money which triggers additional investigation, and anti-money laundering training can keep any necessary parties well-informed as to what may be irregular or concerning within an organization. Anti-money laundering training reduces the burden smaller entities may see from attempting to monitor anti-money laundering compliance wi thout adequate education, and helps to streamline reporting necessary for continued independent policing. Organizations that do not adhere to the anti-money laundering guidelines currently established in their region a re susceptible to a number of penalties and inquiries, many of which can be costly and crippling to investor relations. Protecting a company's legal vulnerabilities is a necessary aspect of successful corporate growth and ongoing profitability without fear of penalty or financial crime. Anti-money laundering training helps educate the owners of a business's books and numbers on the best way to maintain compliance within their current corporate framework. Identifying the best way to legislate money already on hand in addition to providing a baseline from which future anti-money laundering practices can be implemented helps to maintain tight regulation beyond the initial anti-money laundering training.