Accountants must prepare early for AML compliance
The accounting profession faces greater regulatory responsibilities and costs with new anti-money laundering (AML) and counterterrorism financing legislation expected to pass federal parliament in 2019.
“Any proposed regime should be risk based,” says Paul Drum FCPA. “The ongoing compliance costs associated with extending all existing AML/CTF obligations on all members of the accounting profession significantly outweigh the risks.”
Because AML compliance is unlikely to go away, it’s important to be prepared for it.
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CPA Australia resources on anti-money laundering reforms