In July this year,
AUSTRAC released its latest money laundering and terrorism
financing (ML/TF) risk assessment which focuses on the
securities and derivatives sector. Similar to past risk assessments
released by AUSTRAC, this risk assessment has a broader application
to the financial services industry as a whole.
Below, we outline a number of findings from the report along
with our recommendations. We suggest that you consider whether
these findings are relevant to your business and make changes to
your
Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF)
program, Risk Register and mitigating controls where
appropriate.
Customer risk
The assessment highlights that the 'occupation of your
clients' deserves greater scrutiny as part of the risk
assessment. The customer occupations most likely to be the subject
of
Suspicious Matter Reports (SMRs) are occupations in the finance
industry and managers or directors of businesses.
