AIST Submission: Guidance on Source of Funds and Source of Wealth

AIST appreciates the intent of the Proposed Guidance on Source of Funds and Source of Wealth and calls on AUSTRAC to incorporate clear direction on the application of these measures to the superannuation sector. This entails updating the Superannuation Sector: Money Laundering and Terrorism Financing Risk Assessment to clarify the expectations of super funds to conduct source of funds and source of wealth checks in recognition of the lower-risk environment that super funds operate within as compared to other reporting entities.