AML update: education and training resources

From 12 December 2007, businesses which deliver services outlined under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (including financial services), need to have in place an anti-money laundering and counter-terrorism financing program.

To assist businesses, AUSTRAC has published an e-learning course and industry resources (including case studies for training purposes).

There are specific presentations for:

• Banking

• Financial Planners

• Gambling

• Mutual Societies

• Providers of Designated Remittance Services

• Superannuation

In addition to the new obligations, businesses are required to complete a Compliance Report.

The report covers the reporting period from 13 December 2006 to 31 December 2007 and must be submitted to AUSTRAC by 31 March 2008.