Designate an AML/CTF Compliance Officer
Reporting entities must designate a senior employee as AML/CTF Compliance Officer.
Who must comply
All AUSTRAC reporting entities.
What triggers it
Becoming a reporting entity.
When due
Continuous.
Evidence required
Appointment letter; position description; AUSTRAC enrolment record.
Max penalty
Civil penalties to the AML/CTF Act maximum; AUSTRAC remediation
Summary
AML/CTF Rules require reporting entities to designate a senior employee as the AML/CTF Compliance Officer with responsibility for the entity's program. Must be at management level, have sufficient seniority and authority, and be a fit and proper person. Outsourcing the function is not permitted.
Enforced by
Source legislation
Topics
Source: https://austrac.gov.au/business/core-guidance/aml-ctf-program/part-program/compliance-officer. Rules Mate is not a law firm. Always verify against the live regulator source before acting.