For those who couldn’t attend, we thought to share with you some key messages from the AUSTRAC presentation at the Refinitiv Regulatory Summit.
THE LATEST FROM AUSTRAC
1. There has been a 70% increase in SMRs submitted.
2. A new improved website will be released soon.
3. They are keen to provide more feedback to industry on criminal trends.
4. They have increased connectivity with law enforcement agencies.
5. They understand the need to keep pace with technology (AUSTRAC and industry alike).
6. They now have about 100 MOUs with foreign governments to share information.
AUSTRAC FUTURE POLICY LANDSCAPE
1. Cash payments of $10k or more to become illegal (this has been flagged for some time now)
2. There is a strong need to develop a Trusted Digital Identity Framework.
3. There will be a streamlining of the AML/CTF Act (as a result of the 2016 legislative review).
4. AUSTRAC will have an increased focus on using their power to require independent audits.
5. AUSTRAC is aware that there has been an “under investment” in human and technology resources (13 years after enactment of the legislation).
6. There will be an increased focus on enforcement (balanced somewhat by their message that the key target is criminal actors).
Interestingly, when the audience were asked their opinion on the level of AML/CTF supervision, 56% indicated that AUSTRAC was not doing enough…
