External advice/consultants $2,000 12 $24,000 $4,000 4 $16,000 ONGOING Threshold transaction reports - - - Submit the suspicious matter 2 per SMR x 60 SMRs 16 1920 hours per annum Industry has indicated that they would report (SMR) to AUSTRAC per entity per annum report approximately 60 SMRs per annum. Completing the SMR process (TOTAL = 120 hours) would take a maximum of 0.5 hours. Compliance Report and - - - updates to AML/CTF program AUSTRAC Compliance Audit 5 hours per entity per annum 2 10 hours per annum Based on the size of the sector, AUSTRAC would conduct compliance assessments of no more than 2 providers per annum. CDD obligations: 6000 new customers per 4 $84, 000 per annum are currently 12 businesses verification annum per entity x $3.50 per operating as a digital currency individual search using exchange and identifying their providers customers using e-verification processes. These businesses have (TOTAL = $21,000) chosen to adopt these measures as part of their fraud prevention, readiness for AML/CTF compliance and also to provide assurance to the banks that the providers are adopting appropriate measures to mitigate fraud, sanctions and other risks. Confirmed 12 digital currency businesses operate a fully digital model and already conduct CDD using e-verification processes.
External advice/consultants $2,000 12 $24,000 $4,000 4 $16,000 ONGOING Threshold transaction reports - - - Submit the suspicious matter report (SMR) to AUSTRAC 2 per SMR x 60 SMRs per entity per annum (TOTAL = 120 hours) 16 1920 hours per annum Industry has indicated that they would report approximately 60 SMRs per annum. Completing the SMR process would take a maximum of 0.5 hours. Compliance Report and updates to AML/CTF program - - - AUSTRAC Compliance Audit 5 hours per entity per annum 2 10 hours per annum Based on the size of the sector, AUSTRAC would conduct compliance assessments of no more than 2 providers per annum. CDD obligations: 6000 new customers per annum per entity x $3.50 per individual search using providers (TOTAL = $21,000) 4 $84, 000 per annum are currently 12 businesses operating as a digital currency exchange and identifying their customers using e-verification processes. These businesses have chosen to adopt these measures as part of their fraud prevention, readiness for AML/CTF compliance and also to provide assurance to the banks that the providers are adopting appropriate measures to mitigate fraud, sanctions and other risks. Confirmed 12 digital currency businesses operate a fully digital model and already conduct CDD using e-verification processes. verification
anti-money_laundering_and_counter-terrorism_financing_amendment_ris.docx