AUSTRAC has released guidance for Australia’s superannuation sector on how to apply the obligations of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to the risks they face from criminal exploitation.
The guidance focuses on specific risks and potential scenarios relating to money laundering (ML), terrorism financing (TF) and serious financial crime specific to superannuation trustees and responsible entities.
The guidance contains worked examples of methods funds can use to mitigate these risks and combat criminal threats for:
- Fraud: Early Release Of Superannuation Using Falsified Documents;
- Money Laundering: Possible Tax Evasion/Proceeds Of Crime;
- Outsourcing AML/CTF Obligations;
- Cyber-Enabled Crime: Unusual Activity;
- Terrorism Financing: Self-Funded Foreign Terrorist Fighter;
- Illegal Early Release: Multiple Hardship Claims;
- Politically Exposed Persons;
- Employee Due Diligence;
- Cyber-Enabled Crime: Identity Takeover.
