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The Financial Transactions Reporting Act 1996 facilitates the prevention, detection,
investigation and prosecution of money laundering, and the enforcement of the Proceeds
of Crime Act 1991.
The Act applies to “financial institutions”, and imposes certain obligations
on financial institutions to prevent and detect money laundering. “Financial
institutions” is widely defined, and generally
includes those who, as part of their business, may receive cash and change it into
another form. Examples of entities or individuals include banks, share brokers,
managers and trustees of unit trusts and superannuating
schemes, and lawyers and accountants in some instances. Accordingly, the
Act has wide application.
This course will help you to understand the various identification and reporting
obligations within the Act. Broadly, these obligations are to verify the identity
of facility holders, to report suspicious transactions to the Police and to retain
various records.
Employees of financial institutions need to understand their obligations under
the Act in order to ensure all reasonable steps are taken to deter their institution
and its products and services being used by a person engaged in money laundering.
Further, knowingly being involved in money laundering can result in the financial
institution or staff members being prosecuted and fined.
You should complete this course if you are involved in a compliance or risk management
function, with the processing of financial transactions or with the opening of accounts.
Lessons
Lesson 1 > Introduction to Money Laundering and Key Concepts
Lesson 2 > Verification of Identity and Occasional Transactions
Lesson 3 > Suspicious Transactions
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