2.1 Enrol and assess your risk

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Your first two obligations: enrol with AUSTRAC, and understand your risk. Let's take them one at a time. Step one: enrol through AUSTRAC Online. You need to enrol within 28 days of starting a regulated service, and update your details within 14 days of any change. If you haven't enrolled yet, do it now. Step two: assess your money laundering and terrorism financing risk. Look at four things: your customers, the services you provide, how you deliver them, and the countries you deal with. For each one, identify what could go wrong, rate how likely and how serious it is, and decide the controls you'll put in place. Keep it current. Review your risk assessment when something changes, like a new service, a new type of client, or new guidance from AUSTRAC. In FreeAML, the risk assessment walks you through these questions. We'll show you how in Module 3. Quick recap. Enrol in AUSTRAC Online within 28 days of starting, and update it within 14 days of a change. Assess your risk across customers, services, delivery channels and countries. Then review it whenever things change. Next up: your AML/CTF program and who's responsible for it.