Tranche 2 AML Australia Quiz

Welcome! The document "Reforming Australia’s anti-money laundering and counter-terrorism financing regime" outlines proposed reforms to enhance Australia's AML/CTF regulatory framework. It emphasizes the need to include additional professional service providers (PSPs) like lawyers, accountants, as well as real estate professionals under the AML/CTF Act to address emerging risks and ensure compliance with global standards set by the Financial Action Task Force (FATF). The proposals aim to protect Australia's financial system from exploitation by criminals and to maintain its integrity. The paper details the compliance steps businesses would need to adopt, discusses the balance between legal professional privilege and regulatory requirements, and seeks stakeholder feedback to refine and finalize the reforms. Additionally, it outlines transitional measures and timelines for businesses to adapt to the new regulations. Test your expertise on Anti-Money Laundering (AML) based on the proposed changes!.
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