FIGHTING FINANCIAL CRIME TOGETHER 2017 AUSTRAC · This shows a clear change in behaviour as a...

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FIGHTING FINANCIAL

CRIME TOGETHER

2017REGULATOR

PERFORMANCE FRAMEWORK

SELF-ASSESSMENT

AUSTRAC

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01AUSTRAC’S SELF-ASSESSMENT AGAINST THE REGULATOR PERFORMANCE FRAMEWORK 2017-18

Regulator Performance Framework 02

Executive summary 03

KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities 04

KPI 2: Communication with regulated entities is clear, targeted and effective 06

KPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed 08

KPI 4: Compliance and monitoring approaches are streamlined and coordinated 09

KPI 5: Regulators are open and transparent in their dealings with regulated entities 11

KPI 6: Regulators actively contribute to the continuous improvement of regulatory frameworks 12

CONTENTS


The Regulator Performance Framework was introduced as part of the Federal Government’s ‘Cutting Red Tape’ initiative. The framework encourages regulators to undertake their functions with minimal impact necessary to achieve regulatory objectives. It comprises of six mandatory key performance indicators (KPIs):

KPI 1 - Regulators do not unnecessarily impede the efficient operation of regulated entities.

KPI 2 - Communication with regulated entities is clear, targeted and effective.

KPI 3 - Actions undertaken by regulators are proportionate to the regulatory risk being managed.

KPI 4 - Compliance and monitoring approaches are streamlined and coordinated.

KPI 5 - Regulators are open and transparent in their dealings with regulated entities.

KPI 6 - Regulators actively contribute to the continuous improvement of regulatory frameworks.

The Regulator Performance Framework requires AUSTRAC to annually:

• self-assess its performance against the KPIs

• seek stakeholder validation of its assessment against its key performance indicators

• publish its self-assessment report.

RESULTS LEGEND

Fully Achieved Partially achieved Not achieved

REGULATOR PERFORMANCE FRAMEWORK


AUSTRAC holds the unique position of Australia’s financial intelligence unit (FIU) and anti-money laundering and counter-terrorism financing (AML/CTF) regulator. We continue to use this position in the pursuit of our vision of a financial system free from criminal abuse.

AUSTRAC’s approach to regulation recognises that reporting entities are our important partners. AUSTRAC, reporting entities and other government agencies, such as law enforcement and national security agencies, share a common interest in—and responsibility for—creating a financial system free from criminal abuse. Supporting, collaborating with and building the capability of the reporting entity population is critical to AUSTRAC achieving its purpose and vision.

Overall, our results demonstrate the ongoing value of our work to government and our private and public partners. While we acknowledge there is always room for improvement and we are committed to continuous improvement, we have assessed ourselves as having fully achieved against the six KPIs.

We are committed to continuously reducing the cost of unnecessary or inefficient regulation imposed on our reporting entities. We will continue to work with industry and partner agencies in the development and modernisation of our regulatory approach.

We sought feedback from 15 industry partners on this assessment and received six responses. The majority of respondents agreed with AUSTRAC’s self-assessment against each of the KPIs.

Stakeholders appreciated:

• the active efforts by AUSTRAC executives and management to seek feedback and listen to stakeholder views

• AUSTRAC’s proactive approach to the financial advice with industry, and our commitment to helping industry understand their obligations.

AUSTRAC is committed to continuous improvement and engagement with our industry partners to reduce the cost of unnecessary or inefficient regulations imposed on reporting entities.

EXECUTIVE SUMMARY


KPI 1: REGULATORS DO NOT UNNECESSARILY IMPEDE THE EFFICIENT OPERATION OF REGULATED ENTITIES

AUSTRAC understands the operating environment of our industry partners. We make a conscious effort to minimise the unintended negative impacts of our regulatory activities, while striving to continuously improve our strategies through activities such as legislative reform and engagement with stakeholders.

Legislative reform

Throughout the 2017-18 financial year, AUSTRAC worked closely with the Attorney-General’s Department and then (from December 2017) the Department of Home Affairs to continue to develop and implement reforms in response to the recommendations of the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), Rules and regulations.

In December 2017 the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 received Royal Assent. The Act came into effect on 3 April 2018, implementing reforms including: providing regulatory relief to industry by deregulating the cash-in-transit sector, insurance intermediaries and general insurance providers; and clarifying due diligence obligations for correspondent banking relationships. These reforms are expected to generate estimated savings to industry of more than $36 million per year for the 10 years following the measures coming into force.

These reforms also introduced regulations applied to digital currency exchange providers. To support industry to comply with the new requirements, AUSTRAC developed new AML/CTF Rules, established new registration processes, and developed compliance guidance. This is an example of AUSTRAC working with industry partners to implement continuous improvement strategies to reduce the cost of compliance for reporting entities.

Engagement with domestic stakeholders

AUSTRAC engages in regular, ongoing consultations with stakeholders on policies and procedures, including independent experts and industry associations.

During 2017-18 AUSTRAC brought together representatives from industry bodies, both small and large, and their members for three workshops to co-design a new AML/CTF compliance report. This included industry sectors such as pubs and clubs, banks, remitters, bookmakers, managed investment schemes and foreign exchange providers.

The workshops provided AUSTRAC with a range of perspectives and highlighted the different challenges experienced by different types of reporting entities. The workshops also provided a significant increase in opportunities for reporting entities to collaborate with AUSTRAC and each other.

As a result, we better understand the issues faced by reporting entities in meeting their obligations, and can tailor our support and regulation efforts. AUSTRAC is now designing a new compliance report that contains current, accurate, clear and usable questions. This will enable us to maximise our understanding of money laundering/terrorism financing (ML/TF) and compliance risk, and reduce unnecessary administrative burden on the reporting population.

In response to the feedback and information from industry, AUSTRAC established a Community of Practice forum. The aim is to build a strong AML professional community identity, through sharing knowledge, experience and problems, and networking opportunities. A subset of this group was established from the top 18 reporting entities to assist with the re-design of the annual compliance report. The feedback on both events was positive and there was consensus from the reporting entities involved that the forum was unique for those working specifically in AML/CTF, as opposed to financial crime and intelligence areas.

AUSTRAC understands the valuable role that regulatory technology (‘RegTech’) providers play in improving the resilience of reporting entities to ML/TF threats. AUSTRAC established a team to work more closely with RegTech providers. The team developed engagement strategies to leverage their role within Australia’s AML/CTF environment, both as messengers on behalf of AUSTRAC as a regulator, and enablers for regulatory efficiencies through the use of technology.

Fully Achieved


Engagement with international stakeholders

AUSTRAC continued our global outreach efforts with our international counterparts to learn about regulatory practices from peer experiences and share better regulatory practices.

In April 2018 AUSTRAC seconded an officer to the United Kingdom (UK) Financial Conduct Authority (FCA) for six months. This is to gain a better understanding of the UK’s approach to AML/CTF compliance, enforcement and regulatory intelligence, and deepen our ongoing relationship with the FCA to allow for ongoing sharing of information and expertise.

During 2017-18 we chaired the International Supervisors Forum involving regular and ongoing meetings attended by eight AML/CTF regulators from the UK, United States of America, New Zealand and Canada, to build regulatory capability among members and share lessons learnt.

In September 2017 AUSTRAC hosted the third and final exchange activity of our world-first Regulatory Exchange Program. Participants included regulators from Australia, Indonesia and Malaysia. This part of the program was used to discuss shared regulatory issues and finalise the outcomes achieved.

Participants met with representatives from Western Union, a variety of financial technology (‘FinTech’) offices and the Association of Money Transfer Providers. During these meetings our program team presented on the outcomes achieved and forward work program of ongoing collaboration. Of particular interest to Indonesian counterparts was electronic customer identification, digital currency regulation and smarter regulation.

Continuous improvement strategies to reduce the costs of compliance

AUSTRAC is exploring new technologies and delivery models to automate and streamline compliance, support our reporting entities to work with us digitally, and support industry communication. This strategy includes enhancements throughout the entire customer experience chain, starting with an improved enrolment and registration interface, as well as self-reporting as part of the annual compliance report.


AUSTRAC continued to communicate with industry partners to provide information and guidance, through

a wide range of channels and formats to ensure it is targeted and effective, including:

• regular formal meetings held by the AUSTRAC CEO with the boards of reporting entities, to convey the strategic direction of the agency

• executive meetings with major reporters to build a shared understanding of the environment at an operational level

• tactical level meetings with individual businesses regarding the progress of reforms, consideration

• of modifications and exemptions

• policy meetings with regulated entities and industry associations

• workshops, tailored guidance and risk assessments.

Some examples of these forms of communication are below.

Guidance for industry

In 2017-18 AUSTRAC produced targeted ML/TF risk assessments, matured our risk assessments framework and methodology, and deepened industry collaboration and partnerships. The three risk assessments released in 2017-18 were:

• Remittance corridors: Australia to Pacific Island countries

• Australia’s non-profit organisations sector

• Australia’s securities and derivatives sector.

We assess these to be successful, with a number of reporting entities advising us that they implemented changes such as:

• upgrading internal risk assessment processes

• improving AML/CTF programs to better address threats and vulnerabilities

• adopting AUSTRAC’s methodology of assessing the criminal threat environment, sector vulnerabilities and consequences

• enhancing their due diligence policy

• implementing new risk mitigation procedures

• updating training practices.

This feedback demonstrates how AUSTRAC’s risk assessments are clear, targeted and effective for industry and led to positive changes in their compliance behaviour.

In April 2018 AUSTRAC, in collaboration with the Department of Human Services, developed an information sheet that was provided to over 1,200 banks, non-bank lenders and financiers to help them better identify and report on welfare fraud. AUSTRAC has seen an increase in the number and quality of suspicious matter reports (SMRs) from industry, with SMRs relating to welfare fraud increasing by 38 per cent in the months following publication of the information sheet. This shows a clear change in behaviour as a result of the effectiveness of the publication.

In June 2018 AUSTRAC held a webinar focusing on SMRs. The webinar attracted 800 logins. In the anonymous exit survey 93 per cent of respondents indicated that they had a better understanding of their AML/CTF obligations after attending the webinar.

In August 2017 we completed an assessment of the effectiveness of our bulk email campaigns. Following this, between January and March 2018 we undertook an outbound letter/email campaign targeting approximately 1,500 reporting entities whose contact details needed updating.

Results at 20 June 2018 included 582 reporting entities updating their details. We assess that the campaign was effective—approximately 77 per cent of reporting entities that opened the email also clicked on the link in the email.

KPI 2: COMMUNICATION WITH REGULATED ENTITIES IS CLEAR, TARGETED AND EFFECTIVE

Fully Achieved


Workshops

During April and May 2018 AUSTRAC delivered 10 workshops in Sydney, Melbourne and Brisbane, to 68 pubs and clubs. A large number of these (51 entities or 75 per cent of attendees) were identified as non-compliant. The aim of these workshops was to improve the compliance levels of attendees, through adoption of a compliant AML/CTF program and identifying and reporting suspicious behaviours to AUSTRAC.

The effectiveness of the workshops was assessed through an anonymous survey completed by 90 per cent of participants. In this survey 80 per cent of respondents advised us that they were now compliant with their key obligations, and 91 per cent said they now have procedures in place to report suspicious matters to AUSTRAC. This enabled AUSTRAC’s monitoring of reports to be streamlined and made the compliance obligations for reporting entities clearer, so they could be better coordinated by industry.

Digital currency exchange is a new sector under AUSTRAC’s regulatory remit. We provided regulatory guidance and engaged with digital currency exchange businesses during March 2018. Six half-day workshops were held across Australia, with 59 employees from 35 businesses in attendance. The feedback from digital currency exchange businesses following these workshops was overwhelmingly positive, with 100 per cent of survey respondents saying they now have a better understanding of their AML/CTF obligations. As result of the workshops, AUSTRAC collated a number of industry-specific risks in the ML/TF context, which will be developed into an education product and shared across the sector.

AUSTRAC will continue to communicate across a variety of mediums with our industry partners to ensure clear, targeted and effective communication delivers positive regulatory outcomes.


KPI 3: ACTIONS UNDERTAKEN BY REGULATORS ARE PROPORTIONATE TO THE REGULATORY RISK BEING MANAGED

The entities AUSTRAC regulates vary widely in nature, size and complexity. These factors form the basis of an entity’s ML/TF risk. Reporting entities’ commitment and capacity to identify, mitigate and manage their ML/TF risks also varies.

As such, AUSTRAC employs a risk-based approach to regulation. We ensure that our resources are allocated to best manage ML/TF risks and that our interactions with regulated entities are appropriate, aligned to their needs, tailored to their level of ML/TF risk exposure and their processes to manage those risks.

New capabilities

As part of our continuous improvement processes, AUSTRAC established a Regulatory Insights capability that is highlighting new risks for examination and assessment, with a focus on delivering effective, efficient regulatory outcomes. The capability harnesses a data-driven, intelligence-led approach. This helps focus our resources on the highest risks, reducing unnecessary engagement with low-risk entities and improving analysis by AUSTRAC’s compliance officers.

We are continuing to improve this capability by reviewing and acquiring new sources of data and information to position Regulatory Insights as a key source of information about potential non-compliance and regulatory risk for AUSTRAC and our partners.

Enforcement action

AUSTRAC works closely with industry to try to prevent non-compliance with AML/CTF obligations. However, where serious non-compliance occurs, AUSTRAC will take proportionate enforcement action.

On 3 August 2017 AUSTRAC initiated civil penalty proceedings in the Federal Court of Australia against the Commonwealth Bank of Australia (CBA), alleging over 53,700 contraventions of the AML/CTF Act. In December 2017 AUSTRAC amended the statement of claim, adding a further 100 alleged contraventions.

On 20 June 2018 the Federal Court ordered CBA to pay a $700 million penalty and AUSTRAC’s agreed legal costs. The penalty is the largest civil penalty in Australia’s corporate history.

AUSTRAC’s case demonstrated that serious and organised criminals were actively exploiting CBA’s financial services to launder the proceeds of their criminal activities, including proceeds from the sale of illicit drugs in the community.

The outcomes of this case resulted in the financial sector, particularly major financial institutions, reviewing their compliance frameworks and programs. There has also been increased oversight of AML/CTF compliance issues by the boards of financial institutions, as well as investment to improve the management of ML/TF risks.

Fully Achieved


KPI 4: COMPLIANCE AND MONITORING APPROACHES ARE STREAMLINED AND COORDINATED

AUSTRAC will continue to collaborate and engage domestically and internationally with the financial sector, industry, government agencies and broader community, including emerging FinTech and RegTech organisations. This engagement is designed to maximise regulatory efficiency, improve communication

with and education of reporting entities, and generate regulatory intelligence.

Sharing with domestic partners

AUSTRAC continues to work with regulatory and other partner agencies to share data and other regulatory information, so that requests made to reporting entities are minimised. AUSTRAC is working to improve existing data and systems by using enrolment and registration dashboards and improving detection and alerting capabilities.

The collection of information and data is necessary to determine compliance with obligations. However, there are associated costs with its collection. AUSTRAC is committed to continuous improvement by delivering advanced analytics and customer service platforms to enable us to innovate and work closely with industry and partners, and reduce costs where possible. This includes redevelopment of the annual compliance report and establishing the Regulatory Insights capability as outlined above.

In 2017 AUSTRAC decided to temporarily suspend the requirement to provide the 2017 compliance report and introduce a new improved compliance report in 2018. This is to improve and streamline the information gathered and reduce any unnecessary administrative burden. AUSTRAC’s approach to the annual compliance report consisted of co-design with industry including workshops, surveys and one-on-one engagement.

This approach was received very positively by industry, with several entities stating that they appreciated the new partnership with AUSTRAC through the co-design process.

AUSTRAC partnered with industry leaders and government agencies to address the problems of ML/TF and cyber threats, by hosting the ASEAN-Australia Codeathon in Sydney in March 2018, ahead of the ASEAN-Australia Special Summit. This was the first financial intelligence Codeathon held in Australia. The 32-hour event brought together more than 100 technology specialists and innovators from 10 nations, including representatives from Australian reporting entities.

AUSTRAC is continuing to work with participants on a number of the concepts developed during the Codeathon, which may lead to regulatory efficiencies. In addition, the event gave reporting entities visibility of innovation and technology directly relevant to their operations, providing the opportunity for future engagement and collaboration.

Fully Achieved


International experiences

Given the interconnectedness of the global financial system and increasing numbers of businesses with offshore operations, increased engagement is taking place with international regulatory agencies. This provides opportunities to streamline approaches. In 2017–18 AUSTRAC engaged with many international organisations to share better practices and learn from the regulatory activities of peer organisations. This included chairing the International Supervisors Forum involving eight AML/CTF regulators from the UK, United States of America, New Zealand and Canada, with the aim of building regulatory capability among members.

AUSTRAC also mentored the AML/CTF regulator in Papua New Guinea (PNG), the Financial Analysis and Supervision Unit (FASU). An AUSTRAC officer mentored FASU’s Supervision branch in how to hold onsite assessments, and attended an onsite assessment of PNG’s largest bank, the Bank of South Pacific. The AUSTRAC officer mentored FASU staff in analysis of documentation, questing techniques and assisted in reviewing the assessment report to help streamline their processes.

AUSTRAC hosted seven visitors from the Philippines as part of a Regulatory Exchange Program under the AMLC-AUSTRAC Philippines Program. The delegation included four members of the Anti-Money Laundering Council (AMLC; the FIU), two from the Philippines Amusement and Gaming Corporation, and one from the Cagayan Special Economic Zone.

The focus of the visit was gambling and casino regulation, including online gambling. This included a visit to Crown Casino with special presentations from related agencies such as the Australian Federal Police and the Australian Communications and Media Authority. This was complemented by guest presenters from various AUSTRAC branches. An outcome of this visit will be the development of a joint project, resulting in guidelines for gambling operators on how to conduct a risk assessment of their business in a more streamlined and coordinated way.

AUSTRAC also worked in conjunction with the World Bank Group to provide advice/guidance to the Ministry of Economy and Finance of Cambodia, and the National Bank of Cambodia (the FIU) in the development of their AML/CTF regulation of the casino industry. This included:

• learning about the Cambodian casino industry and existing AML/CTF regulatory framework

• educating participants on a risk-based approach to regulation and how this can be applied to the casino industry

• providing an overview of the risk-based approach to regulation adopted in Australia

• assisting in the development of internal guidelines for compliance activities in the casino industry

• helping develop industry-specific guidance and training.

We will continue to share new information and updated guidance with other regulators, where possible and relevant, to ensure information collection is minimised and that existing information is used.


AUSTRAC strives for open and transparent dealings with industry partners. This increases the accountability of both regulators and government. Increased accountability to both reporting entities and the wider community improves the overall performance of regulators and provides reporting entities with greater understanding of how the regulator seeks regulatory outcomes.

Regulatory approach

AUSTRAC’s approach to regulation recognises that reporting entities are important partners. Our maturing approach is heavily focused on building resilience to criminal abuse in the financial system. In 2017-18 the activities of our Smarter Regulation Program led to a significant increase in opportunities for reporting entities to collaborate with AUSTRAC and each other. Areas where AUSTRAC provided greater clarity on AML/CTF obligations include sector-based risk assessments, guidance, workshops, webinars, legislative reform consultation, compliance engagements and meetings. This improves communication and transparency with industry partners.

AUSTRAC recognises the importance of sharing and delivering financial intelligence information (where appropriate) with industry partners. This sharing assists reporting entities to implement robust and meaningful AML/CTF compliance practices.

AUSTRAC takes a collaborative approach to providing regulatory relief to reporting entities. The open and transparent processes to develop AML/CTF Rules, and exemptions and modifications under the AML/CTF Act, provide AUSTRAC’s regulated population with opportunities to contribute meaningful information and evidence otherwise unavailable to AUSTRAC. During 2017-18 AUSTRAC released for public consultation draft AML/CTF Rules amending 12 chapters, removing two chapters, and adding one chapter. AUSTRAC also received 26 applications for exemption or modification.

Corporate publications

AUSTRAC publishes on our website annually a number of corporate documents in accordance with the requirements of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and related PGPA Rule 2014.

Each year, AUSTRAC publishes our corporate plan, which is our primary planning document and covers the performance framework for the next four years. The corporate plan outlines our approach and planned regulatory activities.

AUSTRAC’s corporate plan for 2016-17 was audited by the Australian National Audit Office (ANAO), with feedback provided in the report Corporate Planning in the Australian Public Sector 2017-18 (report number 36 of 2017-18). The ANAO also audited the corporate plans of the Department of the Treasury, Commonwealth Scientific and Industrial Research Organisation (CSIRO), and the Office of the Commonwealth Ombudsman. The objective of the audit was to assess the selected entities’ progress in implementing the corporate planning requirements under the PGPA Act and related PGPA Rule 2014.

The ANAO report found that AUSTRAC performed well in a number of areas related to implementing the corporate planning requirement under the PGPA Act, including:

• positioning the corporate plan as our primary planning document

• having more mature systems and processes in place than CSIRO and the Treasury to support the development of the corporate plan and monitor achievement against the plan

• integrating the corporate plan into the broader planning frameworks and using the corporate plan to support decision making and manage the business.

To ensure continuous improvement, AUSTRAC took on board feedback from the ANAO audit in developing

the AUSTRAC corporate plan 2018-22, which was published on our website on 30 August 2018.

The AUSTRAC annual report 2017-18 reports on the activities of the agency over the previous financial year, providing accountability to Parliament, stakeholders, other agencies and the wider community. The annual performance statement, included in the annual report, reports on the achievements over the year against our purpose and planned performance as outlined in the corporate plan 2017-21.

KPI 5: REGULATORS ARE OPEN AND TRANSPARENT IN THEIR DEALINGS WITH REGULATED ENTITIES

Fully Achieved


AUSTRAC is committed to continually improving our regulatory frameworks and our approach to regulation

in response to the ever-changing environment in which we operate, and to the needs of our regulated community.

Innovative approach to change

In early 2018 AUSTRAC commenced work on an information paper, AUSTRAC’s approach to regulation. The paper was published on our website in October 2018 and provides reporting entities and other stakeholders with insights into how AUSTRAC views and fulfils our regulatory role under the AML/CTF Act. Notably, there is a clear commitment to working in partnership with our reporting population in a joint effort to combat ML/TF crime.

AUSTRAC’s Community of Practice events demonstrate the continued commitment to establishing and maintaining collaborative relationships with stakeholders, which will promote trust and improve the efficiency and effectiveness of the regulatory framework.

AUSTRAC engages stakeholders in the development of options to reduce compliance costs. These include self-regulation, changes to the overarching regulatory framework, or other strategies to streamline monitoring and compliance. This is shown by the response to the risk assessments AUSTRAC conducted in 2017-18. A number of reporting entities advised AUSTRAC that they had implemented changes, such as: upgrading internal risk assessment processes; enhancing their due diligence policy; implementing new risk mitigation procedures; and updating training practices. This feedback demonstrates how AUSTRAC’s risk assessments are assisting reporting entities make improvements and reduce compliance costs.

Additionally, the collaborative engagement to the redesign of the annual compliance report again provides an example of the strong commitment AUSTRAC has to working with our reporting population. We seek to maximise our supervisory role working to greatest effect, while minimising burden on our reporting entities.

The approach to redesigning the annual compliance report included workshops, surveys and one-on-one engagement. This was received very positively by industry, with several entities stating that they appreciate the new partnership with AUSTRAC.

AUSTRAC is currently developing a regulatory pack that shares our smarter regulation framework and our regulatory strategy with the AML Bureau in China. In return, the AML Bureau will share its regulatory bulletins, including advice to reporting entities around the use of Union Pay and WeChat Pay.

Such engagements both domestically and internationally have enabled AUSTRAC to maintain our innovative approach to regulation.

Regulatory relief

Following the legislative reforms outlined in our assessment against KPI 1, AUSTRAC will continue to work closely with the Department of Home Affairs on the next phase of reforms resulting from the review of the AML/CTF Act. This is likely to include the simplification and enhancement of secrecy and access provisions,

the customer due diligence reliance process and cross-border reporting reforms. This will provide ongoing regulatory relief for industry partners.

The design of the new annual compliance report is being finalised and will be available for reporting entities to use from 1 January 2019.

KPI 6: REGULATORS ACTIVELY CONTRIBUTE TO THE CONTINUOUS IMPROVEMENT OF REGULATORY FRAMEWORKS

Fully Achieved

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