AML/CTF Obligations – Tranche 2 – Consultation Paper

Do you have an interest in how your profession or industry is going to be regulated under Australia’s Anti-Money Laundering & Counter-Terrorist Financing regime? It would appear that Australian DNFBPs (lawyers, accountants, real estate agents, trust & company services providers, and high-value dealers) will finally be subject to AML/CTF Act obligations (or a variation). Yes, Tranche 2 is on its way.

The Commonwealth Attorney General’s Department recently released (Saturday, 26th November) a consultation entitled “Options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents, and trust and company service providers” under the AML/CTF regime.

https://www.ag.gov.au/Consultations/Pages/amlctf-statutory-review-implementation.aspx

The consultation period closes 5pm on 31st January 2017.

The basis for the consultation is recommendation 4.6 of the 2016 Statutory Review of the AML/CTF Act 2006 which states that the Attorney-General’s Department and AUSTRAC, in consultation with industry, should:

  1. develop options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the AML/CTF Act, and
  2. conduct a cost-benefit analysis of the regulatory options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the AML/CTF Act.

What is Contained in the Consultation Papers?

For each respective profession / industry the following are considered:

  • What are the benefits of regulation?
  • What are the Money Laundering and Terrorist Financing vulnerabilities?
  • What are the applicable International Standards (Financial Action Task Force)?
  • What existing laws regulate that profession or industry?
  • What are the current obligations under the AML/CTF regime?
  • How would AML/CTF obligations impact on that profession or industry?
  • How AML/CTF regulation would impact that profession or? and
  • The proposed model for regulation of that profession or industry.

Each respective consultation paper poses industry specific questions on the above themes and how the current AML/CTF regime might apply, or be modified, to meet industry practices and concerns.

If you or your industry body would like assistance responding AML Experts has the knowledge and skills, both of the AML/CTF regime and how the professions operate, ensure that your submission is targeted and effective.

Paddy Oliver leads the team at AML Experts. Paddy has extensive experience as a lawyer and compliance management consultant. Importantly for you, he is an AUSTRAC Authorised Auditor under the AML Act. That means AML Experts is your one-stop-shop for AUSTRAC compliance. Paddy can be contacted here.

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