Consultation on draft outsourcing guidance
The Law Council of Australia provided a submission relating to the draft guidance released by the Australian Transaction Reports and Analysis Centre (AUSTRAC) on 26 February 2024 (the Draft Guidance) and has been prepared by the Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee).
The intended purpose of the Draft Guidance is set out as follows:
- Comply with AML/CTF obligations when outsourcing.
- Identify, mitigate and manage money laundering and terrorism financing (ML/TF) risks that could arise from outsourcing.
- Take steps to ensure providers tailor outsourcing arrangements to businesses and its specific ML/TF risks.
Read full submission below.
Last Updated on 03/04/2024
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