The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released its industry-specific starter kits, including one for accountants, to help small businesses meet their compliance obligations under the Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Act taking effect from 1 July this year.
The kits set out instructions and actions for organisations to take in order to build their own programs.
“AUSTRAC’s program starter kits mark the first time that an anti-money laundering regulator anywhere in the world has provided this level of practical support to business,” AUSTRAC chief executive Brendan Thomas explained.
The kit for accountants includes a risk assessment covering the common risks faced by the profession, policies outlining what accountants must do and when those actions must happen, processes explaining how AML/CTF tasks are carried out day to day and forms to record information and demonstrate compliance.
“Once customised to your practice, these documents work together to form your AML/CTF program. You can then incorporate these documents into your existing systems and processes,” the starter kit documentation noted.
The material was developed in collaboration with industry peak bodies and small businesses across the newly regulated sectors.
“The kits aim to reduce the time, cost and effort for typical small businesses to develop an anti-money laundering program and will help ensure businesses new to anti-money laundering regulation meet their obligations without excessive regulatory burden,” Thomas said.
The kits detail exactly what risk can look like. The downloadable 36-page risk assessment, for example, includes themes such as “The client’s request appears inconsistent with their profile” and seven more specific indicators as to what that might look like.
“If your customer is buying real estate with large amounts of physical currency, is engaging in unusual behaviour that can’t be explained with a legitimate reason or is hiding behind complex legal structures, the kit gives you the tools you need to deal with these situations,” Thomas indicated.
“The kits give you the freedom to choose the customers and the risk you want to take on while providing you with the tools you need to appropriately mitigate and manage that risk.”
