Covid Response :
Since March 2020, the board of directors have been listening to our members, their stories of struggle in their business and personal life due to extended lock downs and decreased business prospects. This has been period of unforeseen challenges in meeting the regulatory and financial
crimeobligations. Therefore, the board has decided to continue reducing the annual subscription to AUD 1/-, for the financial year 2021-22. You have heard it right, this is Australian Dollar just one for the whole of the financial year, for all the members to be eligible to be a financial member. However, if your membership had not been renewed for over an year then a new member registration fees or a reinstatement fees of AUD.500/- still applies, any AUSTRAC registered reporting entity that is engaged in provision of Currency Exchange and or Remittances as a business can either renew their lapsed membership or apply for a new membership by filling new application form available in our website and paying the fees of AUD.501/-. To be considered as a financial member for the financial year 2021-22
Worskhop for AML CTF Frontline Staff :
AUSTRAC, ARCPA and AML CTF Specialists are comimng together to organise a Training Worskhop for AML CTF Frontline Staff, on 19thJune 2021 at 98 Victoria Road, North Parramatta. This is a day long workship designed to bring expert knowledge on Basics of Anti-Money Laundering and Counter Terrorism Financing Compliance. Ramanathan Karuppiah, Ahmed Mohammed and a Education Outreach Team member from AUSTRAC will partipate in this workshop. Members Employees who seek to enhance their knowledge base and would like to refresh their understanding can benefit from this opportunity. Cost 250/- for non members and 10% off to ARCPA Members.
Please contact Karthick at 0420559513 for more details.
Keeping in pace with the anticipation of regulators and bankers, ARCPA has developed a self- regulatory Certification standard earlier in 2014, various members have applied and got certified in the past 5 years. This has been welcomed in the circles of Regulators, Financial Intelligence Units, Reserve Banks and International Banks and peer industry representative bodies. However, there were a few concerns were raised by stakeholders when it comes to the cash intensive businesses and High-Risk Jurisdictions within the eco system of business delivery in past one year. ARCPA therefore upgraded its Certification Standard to Version 3 by incorporating relevant protocols. These have been endorsed by the board in Nov 2019.
ARCPA has increased its efforts in spreading the credibility and popularizing its Certificate III among the stake holders. ARCPA has presented Certificate processes, standards and particularly the new voluntary protocols to AUSTRAC Representatives last month. There were positive remarks from the representatives that attended the ZOOM Presentation. AUSTRAC encouraged these efforts to be maintained and spread to the banking community. ARCPA has commenced efforts to bring the banking community together to present them with the New Updated Voluntary Protocols of Certificate 3.
New guidance resources to help you submit more effective SMRs :
AUSTRAC has just released a suite of educational resources, with real-life examples, on how
to submit more effective suspicious matter reports (SMRs). The new resources include a reference guide and checklist, and feature guidance on how to write succinct, accurate and clear grounds for suspicion. The reference guide also contains several SMR examples, both good and bad, to illustrate the different types of SMRs received by AUSTRAC. The checklist resource includes a summary of all the main points outlined in the reference guide, allowing for quick and easy access for reporting entities when submitting SMRs to AUSTRAC. Remember, clear and effective SMR reporting helps AUSTRAC to generate more actionable intelligence for police and other partner agencies. It is also an important part of your AML/CTF reporting obligations. The better the quality, accuracy, and timeliness of your SMRs, the greater the value they have for the detection, deterrence and disruption of criminal and terrorist activity.
AUSTRAC is coming out with a starter pack resource, this will be a very valuable guidance for beginners with less or no introductory knowledge about compliance with AUSTRAC Guidelines and AML Legislative requirements. AUSTRAC has also very recently released guidelines for Risk Assessment, Industry Specific guidelines for registration and continued compliance with AUSTRAC guidelines and AML Legislative requirements. AUSTRAC Crime Typologies and e-Learning are back again. Please make it a habit of frequenting to AUSTRAC Webiste, the following is the link:
In June 2021, ARCPA launched its new look and enhanced website. Members, Certified Members, and Stakeholders can access their ports, interact with it, and download their resources, certificates, and financial documents. Please go through and let us know what you think.ARCPA JUNE 2021 OFFICIAL NEWSLETTER