Where the AUSTRAC CEO has reasonable grounds to suspect a reporting entity is not appropriately managing its ML, TF and proliferation financing risks (s 161) or has contravened, is contravening or proposes to contravene the Act, regulations or Rules (s 162), the CEO may by written notice require it to appoint an AUSTRAC-authorised external auditor (not an officer, employee or agent of the entity or of another group member), arrange the audit of the specified matters, obtain the audit report in the specified form and give AUSTRAC a copy within the period. Non-compliance is an offence (6 or 12 months, 30 or 60 penalty units) and a civil penalty contravention.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.