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ML/TF/PF risk assessment involves identifying, assessing, and understanding the risks of money laundering, terrorist financing, and proliferation financing that an organisation may face. It includes evaluating various factors to determine the level of risk and implementing measures to mitigate those risks.
The Financial Action Task Force (FATF) sets international standards for ML/TF/PF risk assessments, emphasising the importance of a risk-based approach in implementing AML/CTF measures.
New reporting entities must ensure they effectively undertake an ML/TF/PF risk assessment required by the AML/CTF Act. This will enhance their understanding of the ML/TF/PF risk they face and ensure their AML/CTF compliance arrangements are proportionate.
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.
Money Laundering / Terrorism Financing/Proliferation Financing (ML/TF/PF) risk assessment is a process of identifying, assessing, and understanding the risks of money laundering, terrorist financing, and proliferation financing (ML/TF/PF) that an organisation may face. It involves evaluating various factors to determine the level of risk and the implementation of appropriate measures to mitigate those risks.
ML/TF/PF risk assessment is crucial for AML/CTF compliance because it helps organisations develop targeted strategies to mitigate their risks effectively and efficiently allocate resources to areas with higher risks, ensuring that efforts are focused where they are most needed.
The insights gained from risk assessments help design and implement robust AML/CTF Programs tailored to the identified risks and enable ongoing monitoring and updating of AML/CTF measures to address emerging threats.
The risk-based approach (RBA) to AML/CTF involves tailoring measures to the specific risks identified. ML/TF/PF risk assessments support this approach by helping to prioritise risks based on their severity and likelihood, allowing for proportionate responses, supporting the customisation of AML/CTF controls and procedures to address the specific risks identified rather than applying a one-size-fits-all approach, and allowing for dynamic adjustments to AML/CTF measures as new risks emerge or existing risks evolve.
The Financial Action Task Force (FATF) sets international standards for ML/TF/PF risk assessments, emphasising the importance of a risk-based approach in implementing AML/CTF measures.
The AML/CTF Rules outline the requirements for risk assessments and the risk-based approach (RBA) that reporting entities must follow.
Conducting a risk assessment
New reporting entities must identify the ML/TF/PF risks they face related to their customers, products and services, delivery channels, and geographic locations. Following this they must assess the likelihood and impact of these risks, considering factors such as the nature and complexity of their business operations.
The risk assessment's findings must be documented, including the methodology used and the rationale for the conclusions reached.
Implementing a risk-based approach
New reporting entities must implement AML/CTF controls that are proportionate to the level of risk identified. Higher-risk areas require more stringent controls.
New reporting entities must monitor transactions and customer activities to detect and respond to suspicious behaviour.
Risk assessments must be reviewed and updated regularly to ensure they remain effective and relevant, and any changes incorporated in the AML/CTF Program.
The AML/CTF Act 2024 includes requirements for assessing the ML/TF/PF risk of a particular customer before and while providing designated services.
Risk profiling and scoring
Reporting entities are required to evaluate various risk factors, such as the customer's occupation, source of funds, transaction patterns, and geographic location. Based on the assessed risk factors, they are then required to assign the customer a risk score and categorise them as low, medium, or high-risk.
Screening for risks
New reporting entities must screen customers against PEP lists to identify individuals who hold or have held prominent public positions, as well as their family members and close associates before they provide them with a designated service.
Customers must also be screened against national and international sanctions lists to ensure they are not subject to sanctions or sanction risks.
On a risk basis new reporting entities will need to consider when they will conduct adverse media checks to identify any negative news or reports associated with the customer.
New reporting entities may face several challenges in complying with the new risk assessment requirements including data quality and availability; complexity of risk assessments; resource allocation; and subjectivity in risk evaluation.
Data quality and availability
Accurate risk assessments depend on high-quality data, which may not always be available. New reporting entities may struggle to obtain reliable data, particularly for PF risks, which are less well-documented than ML/TF risks.
New reporting entities should consider whether there is a need to invest in data management systems to ensure high-quality, accurate, and up-to-date data, including collaborating with industry partners to identify reliable data sources.
Complexity of risk assessments
The scope and tailored approach add complexity to a risk assessment, and new reporting entities will need to develop methodologies to assess and mitigate a wide range of risks accurately.
New reporting entities should seek to simplify risk assessment processes by breaking them down into manageable steps and leverage technology and analytical tools to streamline risk assessments and improve accuracy where possible.
Resource allocation
Implementing the new risk assessment requirements may require significant investment in training, technology, and personnel.
New reporting entities may find it challenging to allocate the necessary resources to comply with the enhanced requirements.
New reporting entities could seek external support or consulting services to supplement internal resources.
Subjectivity in risk evaluation
Risk assessments often involve a degree of subjectivity, which can lead to inconsistencies in how risks are evaluated and managed. New reporting entities must establish standardised criteria and processes for risk evaluation to ensure consistency and provide training and calibration sessions for staff involved in risk assessments to reduce subjectivity.
Next steps
To address the ML/TF/PF risk assessment obligations under the AML/CTF Act, new reporting entities should follow these steps:
Identify all relevant ML/TF/PF risks associated with customers, products, services, delivery channels, and geographic locations.
Evaluate the likelihood and impact of these risks, considering the nature and complexity of the business.
Ensure the risk assessment process, including the rationale for risk ratings and the methodologies used, is fully documented.
Civil penalty provisions
The AML/CTF Act introduces new civil penalty provisions in relation to the development and maintenance of an ML/TF risk assessment, increasing the regulatory risk as a result of non-compliance. These include civil penalty provisions for commencing to provide a designated service without an ML/TF risk assessment or if its risk assessment is not up to date.
We are here to help
While the requirements do not come into play until 2026, it is important to start planning and preparing for the changes to the 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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