AUSTRAC Bradley Brown National Manager Strategic Intelligence and - - PDF document

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AUSTRAC Bradley Brown National Manager Strategic Intelligence and - - PDF document

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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

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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

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Key iss ssues to

  • 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

  • m the

the Cas ash Tran ansactio ion Rep eports Agen ency to

  • 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

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Fr From

  • m the

the FT FTR R Act ct to

  • 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 3rd round mutual evaluation of Australia’s AML/CTF

regime

  • 2006: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is

enacted

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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

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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

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Th The pr present – AUSTRA TRAC toda

  • day

AUSTRAC is Australia's:

  • AML/CTF regulator
  • specialist financial intelligence unit (FIU)

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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

  • rganised crime costs the Australian economy $36b per year

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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)

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Our ur out

  • utputs

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

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In Internatio ional l par partnership ips

  • Extensive international

network – agreements with 80 foreign FIUs

  • Exchange of financial and
  • ther intelligence

between Australian agencies and overseas counterparts

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Dom

  • mestic

ic par partnership ips

  • MOUs provide framework for access/use
  • f 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

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The The fut future – ne new fr frontie iers

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