Anti Money Laundering and Counter Terrorism Financing update
In November, AUSTRAC (the regulating body) released the final draft Starter Program – a suite of seven documents to assist small law practices with their AML/CTF obligations, including assessing risk, compliance and customer due diligence. Two practitioners represented the Law Society on AUSTRAC’s working group and the Society provided a detailed and thoughtful submission on the documents.
All of the Society’s submissions on the new AML/CTF regime and other helpful information to assist law firms with meeting the new requirements, can be accessed on the Society’s AML/CTF Hub.