Anti-money laundering and counter-terrorism financing reforms |
1. Information
Thank you for taking the time to complete this survey. Your feedback is completely anonymous and will be strictly confidential.
The cost estimates from this survey will assist in making submissions on behalf of the legal profession in response to the Attorney General’s Department’s consultation paper “Legal practitioners and conveyancers: a model for regulation under Australia’s anti-money laundering and counter-terrorism financing regime”. Members are encouraged to complete as much of the survey as they can as the results will help QLS present the Attorney General’s Department with tangible material on the cost burden of proposed regime on lawyers.
The anti-money laundering and counter-terrorism financing regime consulted upon includes a number of potential elements:
The cost estimates from this survey will assist in making submissions on behalf of the legal profession in response to the Attorney General’s Department’s consultation paper “Legal practitioners and conveyancers: a model for regulation under Australia’s anti-money laundering and counter-terrorism financing regime”. Members are encouraged to complete as much of the survey as they can as the results will help QLS present the Attorney General’s Department with tangible material on the cost burden of proposed regime on lawyers.
The anti-money laundering and counter-terrorism financing regime consulted upon includes a number of potential elements:
- Conducting identification and verification of identity of all clients of a firm
- Identifying the beneficial owner and understanding the ownership and control structure of clients who are legal persons in certain types of transactions
- Obtaining information on the purpose and intended nature of client matters in certain types of transactions
- Implementing systems to identify and monitor matters for clients who are politically exposed persons in Australia or overseas
- Identifying transactions where the legal practice suspects or has reasonable grounds to suspect that the funds are proceeds of a criminal activity and making reports to AUSTRAC
- Implementing an AML programme to risk rate clients, audit procedures and screen and train employees
- Retaining all documents associated with AML/CTF compliance for a period of 7 years after the end of the engagement with the client.
More information on what is included in the AML/CTF regime is available at https://www.qls.com.au/Knowledge_centre/Practising_resources/Anti-money_Laundering and the Law Council of Australia Anti-Money Laundering Guide for Legal Practitioners is available at http://www.lawcouncil.asn.au/lawcouncil/images/LCA_AML_Guide_for_Legal_Practitioners-_updated.pdf
Your privacy
Queensland Law Society uses SurveyMonkey, a third-party software supplier located in the United States of America, to administer online surveys. The specific purpose of this survey is to get your feedback about anti-money laundering and counter-terrorism financing reforms. Information you choose to provide on these surveys will be transferred to SurveyMonkey’s server in the United States of America. By completing these surveys, you agree to this transfer. A copy of Survey Monkey's privacy policy can be found on their website.
Queensland Law Society is committed to the Information Privacy Principles contained in the Information Privacy Act 2009 (Qld). Please take the time to read our privacy notice and consent notice to understand how we deal with your personal information and to contact the Society at privacy@qls.com.au if you do not want your personal information disclosed or used in any way by the Society.
Queensland Law Society is committed to the Information Privacy Principles contained in the Information Privacy Act 2009 (Qld). Please take the time to read our privacy notice and consent notice to understand how we deal with your personal information and to contact the Society at privacy@qls.com.au if you do not want your personal information disclosed or used in any way by the Society.