About AML in Australia

Money laundering is the process by which criminals disguise the ownership and control of illicit funds, making them appear to come from legitimate sources. Anti-Money Laundering (AML) refers to the measures financial institutions and Remittance Service Providers (RSPs) must take to comply with Australian law, including monitoring transactions, verifying customer identity, and reporting suspicious activity to AUSTRAC. Money laundering undermines the integrity of Australia’s financial system and poses risks to society. RSPs are often targeted due to the nature of their services, making it essential for personnel to understand how money laundering occurs, how to detect it, and how to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Failure to comply can result in significant penalties, licence cancellation, or criminal liability.

By the end of this course, you will be well versed in:

  • What money laundering is and how it operates?

  • Why AML measures are critical in Australia?

  • The impact of money laundering on RSPs

  • History and framework of Australian AML laws and governing bodies (AML/CTF Act, AUSTRAC)

  • Approaches RSPs can use to detect and prevent money laundering

  • Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) requirements

  • How to file Suspicious Matter Reports (SMRs) and Threshold Transaction Reports (TTRs)?

  • Recordkeeping obligations and consequences of non-compliance

  • Data protection responsibilities under Australian law

  • Training strategies for RSP employees to strengthen AML awareness

Highlights of this course:

  • Fully online learning format

  • Hassle-free online assessment

  • Certified course – certificate issued upon successful completion (80% score required to pass)

Who will benefit from this course?

  • Staff of Remittance Service Providers (RSPs) – both management and customer- facing roles

  • New entrants to the RSP sector in Australia

  • Individuals seeking employment in RSPs who need AML knowledge

Course curriculum

    1. Course Overview

      FREE PREVIEW

    1. Introduction to AML and CTF in Australia

    2. How well did you understand the chapter

    1. AML, CTF Laws and Governing Bodies

    2. How well did you understand the chapter

    1. Risk Based Approach

    2. How well did you understand the chapter

    1. Customer Due Diligence

    2. How well did you understand the chapter

    1. Reporting and Record Keeping

    2. How well did you understand the chapter

About this course

  • £59.00
  • 14 lessons
  • 0 hours of video content

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