The Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) Act 2006 reforms and expands how the government monitors financial transactions for the purpose of deterring, preventing and detecting money laundering and terrorism financing.
Currently, the AML / CTF Act applies to the financial sector (including financial planners who make arrangements on behalf of their clients to invest in a financial product) as well as the gambling sector and bullion dealing.
The government wishes to extend the regulatory obligations of the Act to accounting and other professional services. While we do not yet know which accounting-specific transactions undertaken on behalf of clients will be subject to the Act, we do know that the major parties support the extension of the AML law to some of the services provided by accountants and lawyers.
Members can download a free presentation to find out more about AML. The presentation was filmed at a Public Practice Member Forum held in the first half of 2008 in conjunction with the regulator, AUSTRAC.
The presentation covers:
To access the presentation go to Search Professional Development and add 'CPD280 Public Practice Member Forum - AML' to your cart and proceed to the final step, where you will be given a receipt number. There is no charge to purchase this online product and no credit card details will be required.
Once purchased visit My Online Learning and select 'Access My Online Learning'. Member login will be required.
Select 'CPD280 Public Practice Member Forum - AML' under the course list. Select the view icon under the 'Public Practice Member Forum - AML' heading. The presentation may take a few minutes to load.
Risk matrix for activities identified in FATF Forty Recommendations (84.67 KB) - last updated Monday, 15 November 2010
This documents outlines risks facing the accounting sector (including financial planners) for activities identified in Recommendation 12 of the FATF Revised Forty Recommendations for anti-money laundering reform.
