1.2 Am I in scope? Designated services and AUSTRAC

Transcript

Am I in scope? In this lesson, you'll learn how to tell whether the AML/CTF rules apply to your business. Here's the key idea. It's the service you provide that counts, not your job title. AUSTRAC calls these designated services. If you provide one, you're a reporting entity for that service. For Tranche 2, designated services include helping a client buy, sell or transfer real estate, holding or managing client money, setting up companies and trusts, acting as a nominee director or trustee, and dealing in precious stones and metals. Some everyday work isn't covered. For example, preparing a tax return on its own is generally not a designated service. So check each service you offer, not just your profession. AUSTRAC takes a risk-based approach. Lower-risk businesses can keep things simple. Where the risk is higher, you do more. Not sure? List the services you provide, check them against AUSTRAC's guidance on austrac.gov.au, and get advice if you're still unsure. Quick recap. The service counts, not your job title. Check every service you offer against AUSTRAC's list. And remember, AUSTRAC is risk-based, so you do more where the risk is higher. Next up: key terms in plain English.