TRANSACTION MONITORING: The Front Line of Australian AML compliance

AUSTRAC is updating its Financial Intelligence System, is it time to update yours?

Expert Talk - AUSTRACThe Australian AML/CTF regime has been in place for more than five years, and requires reporting entities to monitor their customers and their transactions on an ongoing basis. So what are the regulator’s priorities going forward? According to John Schmidt, Chief Executive of the Australian Transaction Reports and Analysis Centre (AUSTRAC), his agency will be focusing its supervision work on businesses that neglect their transaction reporting obligations.

AUSTRAC has been allocated an A$24 million budget by the government for the overhaul of its financial intelligence IT systems. The regulator is making use of game-changing technology to analyze income data and transaction reports more quickly.

The regulator will expect reporting entities to make the best use of technology, where appropriate, to fulfill their regulatory obligations.

AUSTRAC says in its guidance that a transaction monitoring program should be able to detect “complex, unusual large transactions and unusual patterns of transactions, which have no apparent economic or lawful purpose.” They must also these systems and controls must be “based on the nature, size and complexity of the reporting entity’s business and the ML/TF risks faced.”

Is your organization able to satisfy the regulator’s expectations in this area? Or are you finding that your current manual system to be neither cost effective nor an efficient use of human resources?

This Expert Talk assists readers by explaining:

  • Organizations’ monitoring and reporting obligations
  • The need for and how to select a fit for purpose transaction monitoring system
  • How new technology is helping organizations more effectively mitigate exposure to potential financial and reputational damage.

To find out what AUSTRAC is doing to improve the tracking and analysis of transactions and what their expectations are for regulated entities, download the Expert Talk below.

Download Expert Talk

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