The Department of Home Affairs has published Guidance for Reporting Entities on the Commonwealth Modern Slavery Act 2018. Background.
The guidance sets out:
- how to work out if your entity is required to comply with the reporting requirement;
- how to voluntarily comply with the reporting requirement and whether your entity is eligible to do so;
- how to determine when you will need to report;
- how to draft your statement, including how to respond to each of the mandatory criteria;
- how to publish your statement on the central register;
- recommendations for working with your entity’s suppliers to assess and address modern slavery risks;
- recommendations to help you respond to cases of modern slavery in Australia and overseas.
Whilst operations and procurement is the most obvious area of modern slavery risk, modern slavery is a risk financial service providers need to consider in your customers.
