Australia’s government agency for detecting, deterring and disrupting financial crime has published guidance to help reporting entities undertake source of funds and source of wealth checks and mitigate the risk that a customer’s funds relate to money laundering, terrorism financing (ML/TF) or other serious crimes.

The guidance by the Australian Transaction Reports and Analysis Centre (Austrac) underlines the importance anti-money laundering and counter financing of terrorism (AML/CFT) programmes with appropriate risk-based systems and controls for providers of financial, gambling, bullion or digital currency exchange services.

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