Anti-Money Laundering & Counter Terrorism Financing

Financial Planning AML/CTF Risk Assessment

In December 2016, Minister for Justice, Michael Keenan, released Australia’s first risk assessment report of money laundering and terrorism financing within the financial planning industry

Australia’s financial planning industry raised $4.6 billion in revenue in 2016 and is accessed by one in five Australians, so it’s crucial that it is protected from criminal abuse.

AUSTRAC assessed the overall risk of ML/TF activity as medium. The development of this report provides the profession with a significant tool to help financial planners understand and identify potential ML/TF risks in their business and when assisting clients.

Read the AUSTRAC Financial Planning ML/TF risk assessment report

Read the Minister’s media release

AML/CTF Rules

Following the Government’s review of the AML/CTF Act, AUSTRAC is currently undertaking a staged approach to consulting on and implementing a restructure of the AML/CTF Rules Compilation. To simplify the Rules and improve readability for reporting entities, AUSTRAC has proposed regrouping existing requirements of the Rules under ten easy to understand headings:

1. Definitions
2. Designated services – specification of persons
3. Customer identification
4. Customer due diligence
5. AML/CTF programs
6. Reporting obligations
7. Remittance Sector Register
8. Reporting Entities Roll
9. Record-keeping
10. Exemptions

It is envisaged consultation will take place throughout 2017 on the various parts of the new structure of the Rules Compilation.

AML/CTF Rules

FPA/FSC Anti Money Laundering Guidance Note and Customer ID Forms

The Financial Services Council (FSC) and the Financial Planning Association Guidance Note aims to help financial planners and product issuers to manage their customer identification obligations under Chapter 7 of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules. Accompanying the Guidance Note are ten customer identification forms (for various customer types).

Access the forms and guidance note in the FPA Member Centre
(you will need your FPA Member ID).