Ashley Bass 21 Aug 20 25 min read

Improve your AML compliance programme with AUSTRAC’s new checklist

Last week AUSTRAC released a new checklist to help reporting entities improve the way they manage their AML/CTF compliance obligations. This checklist focuses on what reporting entities should consider when engaging and evaluating a RegTech (a company or vendor that provides technology to support AML compliance).


Is your current AML/CFT programme good enough?

Reporting entities play a vital role in stopping crime and protecting communities. Given the rising cost of compliance, increased regulatory scrutiny, and the financial and reputational risks at stake, it's important for reporting entities to consider technology solutions that suit their business.


RegTech providers can support your business with AML/CTF compliance in several ways. They might provide solutions that help with risk assessment, customer due diligence, transaction monitoring, reporting, or a combination of these. Regardless of their area of expertise, the technology solutions a RegTech provides should have these key outcomes for reporting entities 


  • Increased cost effectiveness
  • A more reliable way to meet compliance obligations


How to choose a vendor

To deliver on these outcomes, RegTechs need to meet key criteria. This is where the new AUSTRAC checklist is useful for helping reporting entities evaluate solutions for their business. AUSTRAC’s guidance falls into these key categories:  


  • The vendor’s ability to demonstrate an understanding of the AML/CTF framework and obligations and the ways their solution helps you meet these  
  • How the solution serves you as a business with your unique risks, operational challenges, and requirements that are specific to Australia and your industry   
  • How the vendor will support you through implementation and help you use and optimize the product over time 


Have a look at the checklist to learn more. It's a good starting point for evaluating vendors.


How does Jade ThirdEye stack up?

AUSTRAC has also provided a checklist to help RegTech vendors make sure their solution meets AUSTRAC’s expectations. Of course we used it to evaluate our own RegTech solution, Jade ThirdEye!


Here's how we measure up:


AUSTRAC considerations  

Jade ThirdEye 

Demonstrate an understanding of the AML/CTF framework and the obligations their solution addresses  Yes! Check out our recent blog on automated AUSTRAC reporting
Understand your industry, including the types of services you provide, how regulatory obligations affect your business, as well as your risks and operational challenges Our implementation specialists help you build rules and processes that match your risk profile 
Can explain how the solution will integrate with your existing systems and procedures, and operate to the expected standard Flexible data integration and full security documentation available
Can clearly explain the solution, including the obligations it's designed to meet, its limitations, and the extent to which it helps you meet your AML/CTF obligations Yes! Book a demo with us to see how
Have developed their tool to meet Australia's requirements AUSTRAC integration co-developed with feedback from our Australian customers 
Offer ongoing support after purchase (installation, setup, training, updates) to help you achieve and maintain AML/CTF compliance Subscription includes implementation, regular customer success, and optimization services
Can provide a demonstration of their tool and/or testimonials from businesses similar to yours Reference customers from multiple industries, size, and volume


More than a product

Juniper Research forecasts that the value of RegTech spending will exceed $127 billion by 2024. That's up from $25 billion in 2019. According to the RegTech Association, RegTech matters because it can deliver the following benefits to businesses in regulated industries:


  • Efficiency
  • Improved productivity
  • Lower costs
  • Increased safety
  • Confidence 


Team Jade ThirdEye is especially proud of our commitment to help customers succeed. A good RegTech product is much more than the sum of its features. Beyond initial implementation and training, we invest in customer success webinars, great help documentation, user group engagements, and maintain a steady stream of upgrades based on feedback from our customers. And we're here for you 24/7!

Get in touch with us to find out more.