Anti-Money Laundering and Counter-Terrorism Financing Refresher

Description

Australia’s Anti-Money Laundering and Counter-Terrorism Financing framework has undergone significant reform. This refresher course provides professionals with a practical update on the current AML/CTF requirements, including changes to customer due diligence, AML/CTF programs, reporting obligations, proliferation financing and the expanded regulatory regime.

Designed for professionals who already have an understanding of AML/CTF obligations, the course focuses on what has changed, what remains important and how the updated requirements apply in practice.

Keep Your AML/CTF Knowledge Current

Money laundering and terrorism financing methods continue to evolve alongside changes in technology, financial services and criminal behaviour. At the same time, Australia’s Anti-Money Laundering and Counter-Terrorism Financing laws have been substantially reformed.

The updated framework places greater emphasis on risk-based compliance and now expressly incorporates proliferation financing risk. Reporting entities need to understand how these changes affect their AML/CTF programs, customer relationships, monitoring, reporting and day-to-day compliance activities.

This course refreshes essential concepts while focusing on the requirements professionals need to understand under the current regulatory framework.

Understand the Reformed AML/CTF Framework

One of the most significant changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing regime is the move away from the former Part A and Part B AML/CTF program structure.

Under the reformed framework, reporting entities must maintain an appropriate ML/TF risk assessment together with policies, procedures, systems and controls designed to manage and mitigate identified risks.

The regulatory framework has also expanded to certain designated services provided in sectors including real estate, legal services, accounting, conveyancing, trust and company services, and precious metals and stones.

The course explains these developments in a practical way so learners can distinguish between historical AML/CTF requirements and the obligations that apply under the current framework.

Strengthen Customer Due Diligence

Customer due diligence remains central to effective Anti-Money Laundering and Counter-Terrorism Financing compliance.

The course examines current requirements for initial and ongoing CDD, including identifying and verifying customers and relevant persons, assessing customer risk, identifying beneficial owners, considering politically exposed persons and monitoring customer activity.

Learners will also review circumstances in which simplified or enhanced customer due diligence may be appropriate.

Recognise Suspicious Activity

Effective AML/CTF compliance requires more than completing identification checks.

Professionals must be alert to unusual behaviour, transactions or circumstances that may indicate money laundering, fraud, identity crime, terrorism financing or other serious criminal activity.

Practical indicators covered in the course include unusual loan repayments, unexplained sources of funds or wealth, third-party payments, transaction structuring, inconsistent customer information, false documentation, rapid movement of funds and attempts to avoid regulatory scrutiny.

Apply AML/CTF Obligations in Practice

The Anti-Money Laundering and Counter-Terrorism Financing framework requires reporting entities to continually assess whether their controls remain appropriate.

The course therefore goes beyond legislative requirements to examine practical compliance issues such as data breaches, changes in customer risk, third-party CDD arrangements, tipping off, correspondent banking and cross-border movements of monetary instruments.

It also highlights the importance of reviewing AML/CTF programs when business activities, customers, technology, products, services or financial crime risks change.

Who Should Undertake This Course?

This refresher is suitable for professionals who require current knowledge of Australia’s AML/CTF framework, including:

• finance and mortgage professionals
• lenders and credit professionals
• financial services employees
• compliance and risk professionals
• managers and business owners
• professionals with AML/CTF responsibilities, and
• personnel who require refreshed AML/CTF knowledge as part of their role.

Refresh Your AML/CTF Knowledge

Changes to legislation, criminal methodologies and financial services mean AML/CTF knowledge needs to remain current.

The Anti-Money Laundering and Counter-Terrorism Financing Refresher provides a focused way to revisit essential concepts, understand Australia’s reformed AML/CTF framework and strengthen the practical knowledge needed to recognise and respond to financial crime risks.

Refresh your knowledge and stay informed about the AML/CTF obligations relevant to your professional role.

CPD Hour/s Awarded on Completion

Learning Outcomes

By the end of this course, you will be able to