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The AML/CTF Act 2024 shifts from a prescriptive, compliance-focused approach to one that focuses on achieving effective results in combating money laundering and terrorism financing (ML/TF)
The outcomes-based framework allows for enhanced risk management, improved compliance, increased flexibility, better resource allocation, and encourages the use of new technologies and methodologies
To prepare for the outcomes-based framework, new reporting entities should conduct comprehensive risk assessments, draft flexible AML/CTF policies, establish proportionate controls, provide staff training, and maintain detailed records of all AML/CTF activities
Australia has commenced reforming its Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regime including the ‘Tranche 2’ reforms, which expand AML/CTF compliance to apply to additional professions including lawyers, accountants, real estate agents, property developers, and precious stone dealers.
The AML/CTF Act 2024 introduces an outcomes-based framework, shifting from a prescriptive, compliance-focused approach to one that focuses on achieving effective results in combating money laundering and terrorism financing (ML/TF).
This approach further aligns the Australian AML/CTF regime with international standards set by the Financial Action Task Force (FATF) emphasising the importance of tailoring AML/CTF measures to the specific risks faced by each country and reporting entity.
By adopting an outcomes-based framework, Australia aims to enhance the effectiveness of its AML/CTF regime and ensure reporting entities focus on achieving meaningful results in combating financial crime.
Several countries have adopted this approach and results have shown to improve AML/CTF compliance and effectiveness.
An outcomes-based framework for AML/CTF focuses on achieving practical and effective results in combating ML/TF rather than only adhering to prescriptive rules. By adopting an outcomes-based framework, reporting entities can enhance their AML/CTF measures, ensuring better identification and management of ML/TF risks.
The key components of an AML/CTF outcomes-based framework are:
Risk assessment: conducting regular risk assessments to comprehensively identify and evaluate ML/TF risks specific to the reporting entity.
Tailored AML/CTF programs: developing and implementing AML/CTF policies and procedures that effectively address identified risks.
Ongoing monitoring: continuously monitor customer transactions and activities to detect and report unusual and suspicious behavior.
Enhanced due diligence: apply enhanced due diligence measures to understand better the risks associated with providing designated services to higher-risk customers and in higher-risk situations.
Training and awareness: provide comprehensive training to staff on AML/CTF requirements and the outcomes-based approach.
Use of technology: leverage advanced technologies, such as AI and machine learning, to enhance the monitoring and detection of unusual and potentially suspicious activities.
Regulatory engagement: maintain open communication with AUSTRAC to ensure alignment with expectations and monitor and address guidance.
An outcomes-based approach to AML/CTF allows reporting entities to tailor their AML/CTF programs to their specific risk profiles. It focuses on AML/CTF activity achieving tangible results in preventing ML/TF and encourages the use of new technologies and methodologies.
An outcomes-based framework for AML/CTF can yield several specific results for reporting entities including:
Enhanced risk management: by focusing on actual risks, entities can better identify and mitigate money laundering (ML) and terrorism financing (TF) threats.
Improved compliance: tailoring AML/CTF programs to specific risks ensures more effective compliance with regulatory requirements.
Increased flexibility: entities can adapt their AML/CTF measures to evolving risks and regulatory changes, promoting innovation and efficiency.
Better resource allocation: resources can be directed towards higher-risk areas, improving overall effectiveness and efficiency.
An outcomes-based approach to AML/CTF can create challenges for new reporting entities to overcome:
It requires significant changes to existing compliance programs and systems.
The capacity and capability to determine what constitutes effective outcomes can be subjective.
The management of uncertainty in interpreting and applying the new requirements until or unless adequate guidance is provided.
Adopting an outcomes-based approach to AML/CTF presents several specific challenges for new reporting entities, particularly as they transition from a prescriptive framework, including:
Implementation complexity
Reporting entities must thoroughly understand the new outcomes-based requirements, which can be complex and less straightforward than prescriptive rules.
Existing compliance systems and processes may need significant modifications or complete overhauls to align with the new framework.
Subjectivity and interpretation
Determining what constitutes effective AML/CTF measures can be subjective, leading to varying interpretations and potential inconsistencies in Application.
Without clear, prescriptive guidelines, entities may struggle to understand and therefore meet regulatory expectations.
Resource allocation
Implementing an outcomes-based approach may require more resources, including time, money, and personnel, to develop and maintain an effective AML/CTF program.
Staff will need comprehensive training to understand and apply the new framework effectively, which can be resource-intensive.
Risk management
Reporting entities must continuously assess and manage ML/TF risks, which can be challenging in a constantly evolving ML/TF risk landscape.
Consistently applying enhanced due diligence measures for higher-risk customers requires robust systems and processes, which can be challenging to implement and maintain.
Technological integration
Utilising advanced technologies such as AI and machine learning for monitoring and detection requires significant investment and expertise.
Effective data management and analysis are crucial for identifying and mitigating risks, but they also pose challenges regarding data quality, integration, and privacy.
Regulatory engagement
Reporting entities must be agile in adapting to new regulatory guidance and updates, which can be frequent and complex.
By addressing these challenges, new reporting entities can better navigate the transition to an outcomes-based AML/CTF framework, enhancing their ability to combat financial crime effectively.
To prepare for an outcomes-based AML/CTF framework, new reporting entities should follow a structured, step-by-step approach:
Conduct a comprehensive risk assessment to evaluate the specific ML/TF risks faced and determine the potential impact and likelihood of these risks occurring.
Draft AML/CTF policies and procedures that effectively address identified risks and are sufficiently flexible and adaptable to changing risk profiles.
Establish AML/CTF controls proportionate to the level of risk identified and the business's nature, size, and complexity.
Ensure there are robust data management practices to support effective risk assessment and monitoring.
Provide training to staff on the outcomes-based framework and their specific roles within it, and keep staff updated on new risks and regulatory changes.
Establish a regime of regular audits to assess the effectiveness of AML/CTF measures and use audit findings to ensure continuous improvement of the AML/CTF Program.
Ensure the maintenance of detailed records of all AML/CTF activities, including risk assessments, due diligence, and monitoring efforts.
Be prepared to adapt the AML/CTF program as new risks emerge and regulatory requirements evolve.
Focus on the effectiveness of AML/CTF measures, ensuring they achieve the desired outcomes in preventing ML/TF.
Allocate sufficient resources, including personnel and technology, to support implementing and maintaining the AML/CTF program.
By following these steps, new reporting entities can effectively adopt an outcomes-based AML/CTF framework, ensuring compliance and enhancing their ability to combat financial crime.
A positive outlook
While the challenges of adopting an outcomes-based framework are notable, the benefits of increased flexibility, effectiveness, and innovation outweigh these difficulties.
By focusing on achieving tangible results and leveraging advanced technologies, new reporting entities can enhance their ability to combat financial crime effectively.
The outcomes-based approach ultimately leads to a more robust and adaptive AML/CTF regime capable of addressing evolving threats and ensuring better compliance with international standards.
We are here to help
Although the new AML/CTF requirements won't be enforced until 2026, it is vital to start planning and preparing for compliance with AML/CTF requirements now. With a short lead time to compliance and limited AML/CTF experts across Australia, demand will only continue to increase as the compliance date approaches. If you would like to discuss any of the above with one of our AML/CTF specialists, please reach out.
Learn more about how our Anti-Money Laundering reforms services can help you
The current AML/CTF regime only extends to digital currency exchanges regulating exchanges between digital currency and fiat currency. The new Act introduces significant amendments to extend coverage to a broader range of virtual assets and virtual asset service providers (VASPs) through a revised set designated service.
The revised Australian AML/CTF Act 2024 introduces the concept of value transfer chains to enhance transparency and traceability in value transfers, including money, virtual assets, and property.
Australia's AML reforms are transitioning the initial Customer Due Diligence (CDD) requirements from the AML/CTF Rules to the AML/CTF Act, focusing on an outcomes-based framework to enhance clarity and effectiveness of CDD processes.
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