Last week the Australian Financial Intelligence Unit (FIU) released their annual report for the 2017-2018 period.
In a statement the Australian Transactions Reporting and Analysis Centre (AUSTRAC) highlighted the civil proceeding that they brought against the Commonwealth Bank last year for what they called ‘’serious and systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Laws (AML/CTF).
This action by the regulator was taken shortly after Nicole Rose hand taken the mantle from Paul Jevtovich.
“This enforcement action, coupled with Austrac’s increased commitment to education and collaboration with its reporting entities, led to a 70 percent increase in suspicious matter reporting compared to the previous year,” AUSTRAC said.
They went to say that the reporting itself also rose up to the 22 per cent—113 million 2016-2017 to 370, 000 reports a day.
For this period, they said that law enforcement has also been utilising intelligence system more and jumped up 3 million times which was up from the 2.7 million times for the 2016-17 report.
David Jacobson from Bright Law told the GRC Professional that the regulators’ approach is clearly having an impact on their regulated entities approach to compliance.
“Regarding Austrac, it’s clear from the 2017-18 Annual Report that suspicious matter reports are up so Austrac’s message to the various sectors is clearly having an effect. He said. “I understand that the Act amendments will now be more technical housekeeping and coverage of lawyers, real estate agents and accountants will be deferred.”
AUSTRAC Compliance Report Earlier this month AUSTRAC also announced that it is getting ready for its compliance report which will open for lodgement ‘soon’.
“The compliance report is a self-assessment of how businesses have met their anti-money laundering and counter-terrorism financing (AML/CTF) obligations over the year. It helps AUSTRAC understand the risks businesses face and helps us tailor our education and guidance for business.”
This report will be available online from the 2 January 2018.