🇦🇺Australia

AML Screening Program Maintenance Costs

3 verified sources

Definition

Mandatory AML/CTF programs require ongoing risk assessments, independent reviews, employee training, and transaction monitoring, creating significant manual workload for investment firms.

Key Findings

  • Financial Impact: 20-50 hours/month manual effort for screening + AUD 10,000-50,000 biennial independent program review
  • Frequency: Ongoing monthly + biennial review
  • Root Cause: Manual customer screening, transaction monitoring, and program documentation requirements

Why This Matters

The Pitch: Investment advice firms in Australia 🇦🇺 spend 20-50 hours/month on manual AML screening and program maintenance. Automation reduces this to near-zero.

Affected Stakeholders

Compliance Team, AML Officer, Operations Manager

Deep Analysis (Premium)

Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

AUSTRAC AML/CTF Non-Compliance Fines

AUD 4.5M to AUD 22.2M civil penalty per breach for large entities; AUD 1.1M to AUD 4.5M for small entities

Reputational Damage from AML Failures

5-15% annual revenue loss from client churn following public AUSTRAC enforcement

ASIC Brochure Non-Delivery Fines

AUD 11,100 - 2,210,000 per breach (infringement notices); up to AUD 1.11M civil penalties for corporations

Manual Brochure Preparation Labour Costs

AUD 4,000 - 8,000 per brochure (40 hours at AUD 100-200/hr compliance lawyer rate)

Client Acquisition Delays from Brochure Friction

2-5% revenue loss from delayed client onboarding (industry standard for compliance friction)

ASIC Advertising Compliance Fines

AUD 50,000+ civil penalties per breach; 20-40 hours/month legal review; licence condition costs AUD 10,000-20,000 annually

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