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AUSTRAC Bradley Brown National Manager Strategic Intelligence and - PDF document

Feb 24, 2023 •500 likes •595 views

29/02/2016 AUSTRAC Bradley Brown National Manager Strategic Intelligence and Policy Australian Transaction Rep eports and Analysis Ce Centre (A (AUSTRAC) www.austrac.gov.au AUSTRALIAS ANTI -MONEY LAUNDERING REGIME PAST, PRESENT AND

  1. 29/02/2016 AUSTRAC Bradley Brown National Manager Strategic Intelligence and Policy Australian Transaction Rep eports and Analysis Ce Centre (A (AUSTRAC) www.austrac.gov.au AUSTRALIA’S ANTI -MONEY LAUNDERING REGIME PAST, PRESENT AND FUTURE 2 1

  2. 29/02/2016 Key iss ssues to o be be covered • The past: Our beginnings – from 1989 onwards • Cash Transactions Reports Act • Financial Transactions Reports Act • Anti-Money Laundering and Counter-Terrorism Financing Act • The present: The current AML/CTF picture • Our role, functions and outputs • The future: New frontiers – 2016 onwards • Statutory review of the AML/CTF Act 3 Fr From om the the Cas ash Tran ansactio ion Rep eports Agen ency to o AUSTR TRAC • 1989 : Cash Transaction Reports Agency (CTRA) established (under the Cash Transactions Reports Act 1988) • 1989: Financial Action Task Force (FATF) established – Australia one of 15 founding members • FATF issued 40 recommendations on AML in 1990 • 1991 : 100-point ID check introduced for new signatories to accounts • 1992: CTRA renamed the Australian Transaction Reports and Analysis Centre (AUSTRAC) • Cash Transaction Reports Act renamed Financial Transactions Reports Act 1988 4 2

  3. 29/02/2016 Fr From om the the FT FTR R Act ct to o the the AML/C /CTF Act ct • 1997 : FTR Act obligation commenced for solicitors to report ‘significant cash transactions’ • 2001 : In response to September 11 terrorist attacks, the FATF issues 8 Special Recommendations on counter-terrorism financing • 2003 : Government announces review of the FTR Act and Australia’s AML/CTF regime • 2005 : the FATF conducted its 3 rd round mutual evaluation of Australia’s AML/CTF regime • 2006 : Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is enacted 5 The e FATF and in international AML/CT CTF standards • The Financial Action Task Force (FATF) – the inter-government body that sets the global standards for combating: • money laundering • terrorism financing • proliferation financing for weapons of mass destruction • Monitors progress of members in implementing necessary measures • Reviews ML/TF techniques and counter measures • Promotes adoption and implementation of appropriate measures globally • With international stakeholders, identifies national-level vulnerabilities to protect the global financial system from misuse 6 3

  4. 29/02/2016 Th The AML/C /CTF Act ct • AML/CTF Act establishes Australia’s AML/CTF legislative framework • Requires any ‘reporting entity ’ that provides a ‘designated service’ to a customer to: • enrol with AUSTRAC (and also register if providing remittance services) • implement and maintain Part A of an AML/CTF program (to identify, assess and mitigate and manage the risk of ML/TF) • identify customers and undertake ongoing customer due diligence (Part B of an AML/CTF program) • submit transaction reports and compliance reports to AUSTRAC • comply with AML/CTF record-keeping obligations 7 Th The pr present – AUSTRA TRAC toda oday AUSTRAC is Australia's: • AML/CTF regulator • specialist financial intelligence unit (FIU) 8 4

  5. 29/02/2016 Vis Vision an and pu purpose Vision : A financial system free from criminal abuse Purpose : • discover ML/TF threats and risks • provide an understanding of threats and risks • respond to threats and risks in partnership with industry and government agencies in Australia and overseas • regulate industry effectively Why our work matters : Australian Crime Commission estimates serious and organised crime costs the Australian economy $36b per year 9 Our ur reg egulated po popula latio ion • Banks and other lenders (includes domestic and foreign banks, credit unions, building societies) • Non-bank financial service providers (includes financial planning, funds managers, superannuation funds, stockbrokers) • Gambling and bullion service providers (includes casinos, electronic gaming machine operators, sportsbetting and wagering) • Money service providers (includes remittance service providers, foreign exchange, cash carriers) 10 5

  6. 29/02/2016 Our ur out outputs ts – tr tran ansactio ion rep eportin ing Suspicious matter reports (SMRs) • 16% increase in 2014 – 15 Threshold transaction reports (TTRs) for cash transactions of AUD10,000+ • 8.8% decrease in 2014 – 15 International funds transfer instruction (IFTI) reports for all international funds transfers • 6% increase in 2014 – 15 • Total value of IFTIs: AUD4.6 trillion 11 In Internatio ional l par partnership ips • Extensive international network – agreements with 80 foreign FIUs • Exchange of financial and other intelligence between Australian agencies and overseas counterparts 12 6

  7. 29/02/2016 Dom omestic ic par partnership ips • MOUs provide framework for access/use of AUSTRAC information • MOUs with Commonwealth, state and territory agencies • Includes law enforcement agencies, national security and intelligence and revenue protection agencies • Taskforces include: Serious Financial Crime Taskforce, Terrorism Financing Investigation Unit, Eligo Taskforce 13 The The fut future – ne new fr frontie iers 14 7

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