The GRC Professional got an opportunity to speak to the Andrew Ham from Lawyers on Demand in the Asia Pacific and a consultant to AML Experts talks about some of the lessons learned from filling out the annual Australian Transactions Reports and Analysis Centre (Austrac) Compliance Report.
Purpose for the data collected by Austrac
Risks of not filing out the report properly
Logistical challenges around the compliance report
The importance of having an audit trail
What to expect from a future report