Where has the year gone?

Our AUSTRAC Compliance Report is due in March 2023, and as you are aware, it applies to compliance for 2022.

I have had several heart-to-heart discussions with Chief Executive Officers in the last couple of weeks regarding the negative press that Clubs are receiving and what impact that may have on compliance.

Whatever the publicity, it shouldn't determine how much extra or little work we do.

As you know, the board has a governance role to play regarding the compliance of your Anti-Money Laundering and Counter-Terrorism Financing Program (AMLCTF). The paragraph below comes directly from the AUSTRAC Insights Guide - Governance.

BOARD AND SENIOR MANAGEMENT RESPONSIBILITIES

For the board and senior management to effectively lead a positive culture of AML/CTF compliance across a regulated

organisation, they must be fully engaged with the AML/CTF compliance and risk management process.

This involves much more than just having AML/CTF as a standing item for mention at meetings. The board and senior management must engage, question, challenge and take ownership of any ML/TF risks the business faces.

They must also approve the AML/CTF program, and take positive steps to ensure AML/CTF requirements are met.

This month AMLCTF tasks in CIRT are:

• AMLCTF-Responding to AUSTRAC Feedback
• Toolbox talk-AMLCTF What is AUSTRAC?

I will send out additional reminders over the next few weeks to prompt you to complete a few tasks to reinforce compliance.

I am getting more and more requests to assist with suspicious matter reports. 

Don't think that there is no money laundering occurring in your Club.

It's real.

It's not $3500 or $4500.

It's $770.71 or $1208.89

That's right.

If you want to discuss any concerns regarding your AMLCTF program or obligations, book a call or drop me an email.

You won't be the only one trust me.

Take care Mick 

AUSTRAC-Insights-Governance-2022