International Law

Austrac?s AML/CTF strategies

By David Jacobson

AUSTRAC has published its three strategies detailing how AUSTRAC will direct its anti-money laundering and counter-terrorism financing (AML/CTF) efforts over the coming year.

The Supervision strategy states that AUSTRAC’s supervisory efforts will focus on assessing compliance behaviour across industries it regulates and identifying specific entities whose behaviours differ from the industry standard.

In 2010-11 one of AUSTRAC’s supervision priorities will be transaction reporting with a focus on under-reporting, non-reporting and the quality of transaction reports. It will also focus on providing guidance, education and training to less resourced entities, and will continue to assess AML/CTF programs and compliance.

Work in the Intelligence area will focus on the analysis and dissemination of financial intelligence that supports Australian Government priorities, such as national security, and combating organised crime and terrorism. It will also continue to support the priorities of key partner agencies, such as the Australian Federal Police and the Customs and Border Protection Service.

The Enforcement strategy details how AUSTRAC’s approach to enforcement is designed to achieve compliance at both the individual entity and industry level, through selective, targeted action.

Full post as published by Australian Regulatory Compliance Review on September 30, 2010 (boomark / email).