The Australian Transaction Reports and Analysis Centre (AUSTRAC) is an essential government agency with a crucial mandate. Its responsibility is to ensure that the financial system in Australia is free from criminal abuse and to protect the community from organized and serious crime. With the increase in technological advancements, it has become increasingly difficult to combat financial crime, and that is why AUSTRAC is continuously evolving to meet the challenges head-on. This institution helps financial institutions to fulfill their regulatory responsibilities by overseeing the financial sector and safeguarding it from financial criminals.
The agency is dynamic and always on high alert to detect and respond to any criminal abuse of the financial system. It gathers financial reports and information on criminals to help law enforcement agencies investigate and prosecute financial crimes. AUSTRAC is an essential player in the fight against financial crime and is committed to making Australia a safer place for everyone. safeguarding it from financial criminals. The agency is dynamic and always on high alert to detect and respond to any criminal abuse of the financial system. It gathers financial reports and information on criminals to help law enforcement agencies investigate and prosecute financial crimes. AUSTRAC is an essential player in the fight against financial crime and is committed to making Australia a safer place for everyone.
Austrac Compliance Reports
As per the Anti-Money Laundering and Anti-Terrorism Financing Act (2006), companies in Australia are required to prepare compliance reports annually for AUSTRAC. To send these reports, companies must be listed as administrators in their AUSTRAC ONLINE account, unless they are exempt. Failure to comply with this obligation may result in penalties and sanctions by AUSTRAC. In light of this, AUSTRAC has recently shared compliance report tips to aid businesses in their preparations for the 2022 audit, emphasizing the significance of this obligation.
In this article Insights and tips from the compliance report he presented the top 3 tips to help you meet AML and CFT obligations:
- Make sure your money laundering (ML)/ terrorist financing(TF) risk assessment and staff training are up to date.
- It is essential that you strengthen how high-risk customers in your business are identified and managed with enhanced customer due diligence.
- Use a powerful transaction monitor to detect suspicious activity.
Although businesses update their money laundering and terrorism financing programs, they should regularly review their risk assessments. Enhanced customer due diligence and continuous real-time notifications to customers identified as high risk will provide a more important step in the fight against financial crimes. At the same time, suspicious transactions, not just high-risk customers, need to be reported quickly to AUSTRAC. All financial businesses are obliged to report Suspicious Activity Report (SAR) to Financial Intelligence Units.
Sanction Scanner Makes Your Job Easier
It is almost impossible to perform customer identity screening and customer transaction monitoring manually or with traditional technology. In the database supported by Sanction Scanner artificial intelligence, there are sanctions, wanted, PEP lists of more than 220 countries, and there are more than 3000 lists in total. With these scans, you can reduce the financial crime potential of your business and protect yourself from regulatory penalties.
Thanks to its powerful API, you can easily integrate your company with Sanction Scanner within hours and receive real-time alarms. With the Transaction Monitoring solution, you can easily detect suspicious transactions and reduce false positives while reducing your workload. Automated Ongoing Monitoring solution, you can monitor risky people at desired periods and receive an alarm in case of any change.