The ACIP is the means by which reporting entities fulfil their customer due diligence obligations.

FATF recommendation 13 refers.

FATF recommendation 10 refers.

The FATF is an intergovernmental body that sets global policy for combating ML/TF. Australia is a founding member of the FATF. The FATF 40 Recommendations can be accessed at the following link:
http://www.fatf-gafi.org/topics/fatfrecommendations/documents/internationalstandardsoncombatingmoneylaunderingandthefinancingofterrorismproliferation-thefatfrecommendations.html

As a member of the FATF, Australia periodically undergoes a mutual evaluation for the purposes of assessing compliance with the FATF's international standards and the effectiveness of AML/CTF measures.

Financial Action Task Force, Anti-money laundering and counter-terrorist financing measures, Australia: Mutual Evaluation Report, April 2015: http://www.fatf-gafi.org/documents/documents/mer-australia-2015.html.

The report on the review is available at:
https://www.homeaffairs.gov.au/how-to-engage-us-subsite/files/report-on-the-statutory-review-of-the-anti-money-laundering.pdf . The Department of Home Affairs is now the lead agency for progressing AML/CTF reform having received policy and administrative responsibility from the Attorney-General's Department through a Machinery of Government change in December 2017.

Tipping off refers to the disclosure that a suspicious matter report, or related information, is being filed such that it 'tips off' the relevant person.

Defined in section 6 AML/CTF Act.

The Review into Open Banking in Australia was commissioned by the Hon Scott Morrison MP on 20 July 2017 to recommend the most appropriate model for open banking in Australia. The Review's final report was published in December 2017.
https://treasury.gov.au/consultation/c2018-t247313/

Designated Business Group is defined in chapter 2 of the AML/CTF Rules.

Personal information held by AUSTRAC will continue to be accessed, used and disclosed in accordance with the Privacy Act 1988 and the accompanying Australian Privacy Principles, and include other proportionate safeguards and controls necessary to protect the confidentiality of sensitive AUSTRAC information.

These include to provide access to and to share AUSTRAC information to support efforts to combat ML/TF and other serious crimes.

The Fintel Alliance, launched by AUSTRAC, is a world-first alliance between the public and private sector which enhances information sharing to combat money laundering and terrorism financing.

Timings are indicative. Positive figures are costs. Figures in brackets are savings.

Timings are indicative. Positive figures are costs. Figures in brackets are savings.

Timings are indicative. Positive figures are costs. Figures in brackets are savings.

Community based banking typically has a local focus and customers tend not to use the products and services of larger financial institutions