Anti-money laundering and counter-terrorism financing regulator reminds industry of upcoming deadline
19 November 2007
Australia's anti-money laundering and counter-terrorism financing regulator today reminded the financial services, bullion and gambling sectors of their obligations which come into effect on 12 December 2007.
From this date, businesses which deliver services outlined under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, need to have in place an anti-money laundering and counter-terrorism financing program.
As part of this program, businesses must establish and document procedures to collect and verify information about the identity of a customer.
"With less than a month to go until the provisions take effect, we would expect regulated entities to be well advanced towards compliance," said Australian Transaction Reports and Analysis Centre (AUSTRAC) Chief Executive Officer Neil Jensen.
"AUSTRAC appreciates the complexities and challenges in meeting the 12 December deadline. Where a regulated entity is not fully compliant by this date, we would expect it to have taken reasonable steps, as outlined in the guidance note available on our website."
Mr Jensen said AUSTRAC would continue to work collaboratively with industry to help businesses to meet their compliance obligations.
"I encourage businesses which are not yet fully compliant to contact us. Where businesses are candid and cooperative, AUSTRAC is likely to be more open to resolving compliance issues."
Mr Jensen said AUSTRAC will use its enforcement powers, particularly in circumstances where businesses are recalcitrant or dishonest regarding their legal requirements.
In addition to the new obligations, businesses are required to complete a Compliance Report. Submitted compliance reports should show AUSTRAC that the business has identified and reduced risks within the business and has given adequate resourcing to this task.
The report covers the reporting period from 13 December 2006 to 31 December 2007 and must be submitted to AUSTRAC by 31 March 2008.
To assist industry in understanding their obligations, AUSTRAC has developed guidance materials, a self assessment questionnaire and policies which are available on AUSTRAC's website. AUSTRAC is also developing a comprehensive suite of tools to assist businesses in meeting their obligations which will be launched on 11 December 2007.
Media enquiries only: Kim Hargest on 03 8636 0553 or
0418 103 107
General enquiries: AUSTRAC's Help Desk on 1300 021 037
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