Independent review of AML/CTF program
Reporting entities must arrange independent review of their Part A AML/CTF program at appropriate intervals.
Who must comply
All AUSTRAC reporting entities.
What triggers it
Having a Part A AML/CTF program in place.
When due
Appropriate intervals — risk-based; minimum recommended every 2 years.
Evidence required
Independent review scope, report, remediation tracker.
Max penalty
Same penalty regime as broader AML/CTF Act breaches; informs AUSTRAC enforcement posture
Summary
Section 84 + AML/CTF Rules Part 8.6 require reporting entities to ensure that the Part A program is subject to regular independent review. The review tests effectiveness, identifies improvements, and is documented for AUSTRAC. Typically annual for higher-risk entities, every 2-3 years for lower-risk.
Enforced by
Source legislation
Topics
Source: https://austrac.gov.au/business/core-guidance/aml-ctf-program/part-program/independent-review. Rules Mate is not a law firm. Always verify against the live regulator source before acting.