The Australian Institute of Superannuation Trustees (AIST) has written to Australian Transaction Reports and Analysis Centre (AUSTRAC) asking for clarity on how anti-money laundering (AML) and counter-terrorism financing (CTF) measures apply to superannuation funds.
The submission concerns AUSTRAC’s guidance on Source of Funds (SoF) and Source of Wealth (SoW) with the AIST requesting further clarification on how it applied to profit-to-member superannuation funds.
“AIST believes it would be beneficial for this to be specifically restated in the guidance to clarify obligations on profit-to-member superannuation funds to follow the proposed SoF and SoW measures,” it noted.
With AUSTRAC preparing an updated industry risk assessment on the application of SoF and SoW measures, AIST suggested AUSTRAC defined how it applied to the superannuation sector by acknowledging:
AIST also requested the updated risk assessment provided:
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