DESIGNATED BUSINESS GROUPS - OFFSET ($39,875,499) Item Savings Number of Total Justification affected entities ONGOING SAVINGS Cost saving for identifying 2,366 SMRs submitted by Reporting entities that 33,124 hours per annum 78,876 suspicious matter reports were and analysing a suspicious REs within an existing DBG x formed more than one submitted to AUSTRAC in 2015-16. It matters & submitting an SMR 14 hours DBG (banking and is assumed that 3% of SMRs were to AUSTRAC finance sector) submitted by reporting entities that (TOTAL: 33,124 hours) formed more than one DBG and therefore submitted duplicate reports for the same customer. It is assumed that forming a suspicion either manually or via an alert and also the process of investigating an SMR may take on average 14 hours to complete. CUSTOMER SAVINGS Neutral Deregulating insurance intermediaries and general insurance providers under the FTR Act OFFSET – $555,886
DESIGNATED BUSINESS GROUPS - OFFSET ($39,875,499) Item Savings Number of affected entities Total Justification ONGOING SAVINGS Cost saving for identifying and analysing a suspicious matters & submitting an SMR to AUSTRAC 2,366 SMRs submitted by REs within an existing DBG x 14 hours (TOTAL: 33,124 hours) Reporting entities that formed more than one DBG (banking and finance sector) 33,124 hours per annum 78,876 suspicious matter reports were submitted to AUSTRAC in 2015-16. It is assumed that 3% of SMRs were submitted by reporting entities that formed more than one DBG and therefore submitted duplicate reports for the same customer. It is assumed that forming a suspicion either manually or via an alert and also the process of investigating an SMR may take on average 14 hours to complete. CUSTOMER SAVINGS Neutral Deregulating insurance intermediaries and general insurance providers under the FTR Act – OFFSET $555,886
anti-money_laundering_and_counter-terrorism_financing_amendment_ris.docx