Anti-Money Laundering – Australia

Product Description

This Anti-Money Laundering compliance training course trains reporting entities and their representatives to understand their obligations and provides a general understanding of the risks related to money-laundering and terrorism financing.

Some sources estimate that over $1.5 trillion is laundered worldwide every year. Of that amount, it is estimated that $200 billion is laundered in the Asia-Pacific region alone.

We explain how to adopt an AML program, conduct Know-Your-Customer procedures and to provide reports to Australia’s anti-money laundering regulator AUSTRAC.

The intent of this course is to provide a general understanding of money-laundering and terrorism-financing risks, and give specific understanding of the various legislative obligations imposed by the Act.

What is AML/CTF Compliance?

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 aims to fulfil Australia’s international obligations to combat money laundering and the financing of terrorism by placing various obligations on the providers of certain services to record, monitor and report on their interactions with customers.

These services cover the financial sector, gambling sector and bullion dealers, and include:

  • bank, building and credit union accounts (including credit card accounts)
  • loans, finance leases, hire purchase and cheque facilities
  • bills of exchange, promissory notes and letters of credit
  • stored value cards (minimum of $1000) and debit cards
  • travellers cheques, money orders, postal orders and currency exchange
  • electronic funds transfers and designated remittance arrangements
  • securities, derivatives and (by an agent) foreign exchange contracts
  • superannuation and life insurance policies
  • gambling services, including receiving or accepting a bet, paying out winnings and exchanging chips or tokens for money
  • arrangements by Australian financial services licence holders for people to receive a designated service
  • digital currency exchange providers (DCEPs), such as bitcoin exchanges

An institution that provides one or more of these designated services is a ‘reporting entity’ and must comply with the obligations set out in the Act.

Among these obligations are having an AML/CTF risk awareness training program and carrying out an employee due diligence program.

Other Anti-Money Laundering Training

Anti-money laundering and counter-terrorism financing laws vary from jurisdicion to jurisdiction.

We offer

Specialist AML Training

Financial Crimes Compliance Training

GRC Solutions offers a suite of online complilance training, compliance tools, and workshop and consulting facilities to assist organisations to harden their operations against the threat of financial crime.

More information here

Who should do this training?

The course should be completed by all employees of reporting entities (including those involved in compliance and risk management functions) that offer services such as:

  • providing bank account-related services
  • making loans
  • exchanging currencies
  • issuing debit and stored value cards
  • issuing securities and derivatives
  • stockbroking

Course Outline

  • Module 1: Introduction to money laundering
  • Module 2: The risk of money laundering
  • Module 3: KYC obligations
  • Module 4: Monitoring and reporting obligations
  • Module 5: Terrorist financing

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