2.4 Reporting, records and training

Transcript

Last in this module: reporting to AUSTRAC, keeping records, and training your people. There are three main reports. A suspicious matter report, when you suspect something on reasonable grounds. That's due within three business days, or 24 hours for terrorism financing. A threshold transaction report, for physical cash of ten thousand dollars or more. And an IFTI, for instructions to move money into or out of Australia. Never tell your customer that you've made, or might make, a suspicious matter report. That's called tipping off, and it's an offence. You'll also lodge an annual compliance report. AUSTRAC will contact you when it's due. Keep your records, including your program, customer due diligence, transaction records and staff training, generally for seven years. Train your staff so they can spot red flags and know what to do, and check that new staff are suitable for their role. Finally, have your program independently evaluated at least once every three years. AUSTRAC has set staggered deadlines for the first one. Quick recap. Report suspicious matters within three business days, or 24 hours for terrorism financing. Never tip off. Keep records for seven years. Train your staff, and get an independent evaluation at least every three years. Next up: we'll do it all in FreeAML, starting with a tour.