Organised crime groups are using increasingly complex commercial structures to support their activities and launder money and, as a result, are engaging the services of professionals such as legal practitioners and real estate agents more often.
The anti-money laundering and counter-terrorism financing regulator Austrac has issued briefing papers to help legal practitioners and real estate agents identify suspicious activity and put customer due diligence programs in place. It wants to see more reporting of suspicious activity from the professions.
Austrac’s move follows the report of the Foreign Action Task Force into Australia’s AML/CTF regime earlier this year, which said one of the regime’s shortcomings was that “professional groups did not demonstrate an adequate understanding of their ML/TF risks or have measures to mitigate them effectively.”
The original article can be found at www.bankingday.com