AUSTRAC ushers in AML transformation in Australia
Australia is set for a new era when it comes to money laundering regulations.
AUSTRAC has laid out reforms to the country’s (Anti-Money Laundering/Counter-Terrorism Financing) framework, as it looks to eradicate systematic weaknesses.
Speaking at the Regulating the Game event last week, AUSTRAC Chief Executive Officer, Brendan Thomas, stated: “We do not expect perfection on day one. But we do expect sustained effort, strong leadership, and genuine progress in reducing money laundering risk. The core principles of identifying, mitigating, and managing risk remain unchanged.
“We expect you to continue operating your existing controls, to develop and document clear implementation plans where gaps exist, and to manage ML/TF risk actively throughout the transition. If your controls are effective, maintain them. If they are not, fix them – now.
“Implementation plans must be credible. They must identify gaps, explain why they exist, set realistic timelines, and assign accountability. They must be endorsed by senior management and the board. That endorsement matters. It signals ownership.
“AUSTRAC will take a proportionate approach where businesses demonstrate genuine effort. But where risks remain unmanaged, regulatory action will follow.”
He added that the new framework will be of key relevance for the gambling sector, which must remain at the forefront of combating money laundering.
The evolution is boosted by a website uplift to increase the ability in which information is accessed.
Central to the website change is the offering of a more guided onboarding experience, including help to determine whether a business is regulated, identify the relevant industry category and follow enrolment steps.
The website changes come ahead of the 31 March commencement of key elements of Australia’s reformed AML/CTF regime.
Australian gambling is caught in a political tussle in current times, with the country in the midst of major changes to its gambling framework and the way operators in the country reach players.
A campaign saw the country’s gambling industry thrust into the middle of political debate, after demands were made that the government take action on ‘tightening advertising of unhealthy products’.
The nationwide initiative, titled “Give Us an Ad Break”, has been launched by the Foundation for Alcohol Research and Education (FARE) and has already received “the backing of more than 130 organisations and public health leaders spanning health, sport, research and social services.”
FARE is urging federal ministers to support the introduction of a Harmful Products Marketing Act – legislation that would impose clear legal limits on when, where and how harmful products can be advertised, particularly in environments where children may be exposed.
Ayla Chorley, Chief Executive Officer of FARE, said: “Australians, including children, face constant marketing pressure across everyday media environments.
“Whether browsing online, scrolling your feed or watching sport, Australians, including children, are constantly exposed to ads for harmful products like alcohol.”
Chorley added that that there is ‘resounding community support for putting common sense limits on how these multi-million dollar companies can promote their products’.
