Practitioners grappling with the new Anti-Money Laundering/Counter-Terrorism Funding (AML/CTF) regime are aware that substantial time and costs are required to understand the regime and ensure appropriate and ongoing compliance if they are a reporting entity.
The Queensland Law Society has published guidance on the issue of what AML costs can be passed on to the client.
This guidance covers the following:
- Types of costs that can be charged to the client;
- Types of costs that cannot be charged to the client and remain an overhead;
- How these costs can be charged to the client.
A more detailed analysis of some of these issues can be found in the Society’s Position Paper which outlines what other jurisdictions have decided with regard to such costs and outlays and how QLS has come to this position.
Practitioners are reminded that they must also consider the usual factors such as fiduciary duties, unfair contract terms legislation, Legal Profession Act 2007, and court determinations.
AUSTRAC releases AML/CTF starter videos
To help newly regulated small tranche 2 businesses get started, AUSTRAC has created a short program starter kit videos series.
The videos explain how to use the starter kits and provide a step-by-step pathway to build, use and maintain an AML/CTF program.
The series includes:
- An introductory video explaining what the starter kits are, their purpose, and how the documents fit together.
- Three subsequent videos guide through the starter kit lifecycle to help them customise, implement and maintain policies across risk, personnel and customers. Each video provides a structured pathway to support their decision-making in these key areas.
The videos also explain the Customise → Use → Maintain lifecycle and how the customise guide helps businesses understand their obligations, make key decisions, and use each part of the starter kits.
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