The AUSTRAC audit process applies is one of the highest-anxiety topics for professional services firms entering the AML/CTF regime, largely because so little is said about it.
AUSTRAC Audit Process
AML/CTF penalties in Australia fall into civil and criminal categories, with AUSTRAC able to pursue enforceable undertakings, infringement notices and civil penalty proceedings. Penalty exposure generally turns on whether a failure was systemic and whether the entity self-reported. Confirm current penalty amounts against AUSTRAC guidance.
