Get notifications in real-time for staying up to date with content that matters to you.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a reminder to the industry about the 31 March deadline for submitting anti-money laundering and counter-terrorism financing (AML/CTF) compliance reports.
AUSTRAC chief executive officer Neil Jensen said the centre will be analysing reports to ensure all reporting entities have allocated adequate resources and unlimited controls, reporting lines, communication protocols and processes for review.
“Submitted compliance reports will demonstrate to AUSTRAC that an entity is identifying and mitigating the risks that their business may be used for money laundering or terrorism financing,” Mr Jensen said.
The deadline is legally applicable to all reporting entities and businesses who fail to comply may face civil penalties.
Published: 10-03-08
Broker support is critical for borrowers looking to capitalise on...
The aggregator has welcomed specialty asset finance lender Austra...
The mortgage aggregator has announced the appointment of new busi...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Receive breaking news direct to your inbox each day
