Insights From AUSTRA's National ML/TF Risk Assessments

AUSTRAC has published two National Risk Assessments about the extent of money laundering and terrorism financing ("ML/TF") in Australia and how these events affect businesses in various industries. They have been published to assist reporting entities develop more effective systems and controls to address the ML/TF risks posed to their businesses and maintain a robust anti-money laundering and counter-terrorism financing ("AML/CTF") program.

How to make use of the National Risk Assessments?

As part of their AML/CTF Program, reporting entities are required to conduct a ML/TF risk assessment to determine the measures the business implements to manage the ML/TF risks that have been identified. ML/TF risk refers to the risk that a business may be exploited for ML/TF and other serious crimes. This involves two questions: