MFAA launches free compliance course for brokers

by Julia Corderoy26 Nov 2015
The Mortgage & Finance Association of Australia (MFAA) has launched an AML3 Refresher course free of charge to all its members.

According to the MFAA, the course has been launched in response to new customer due diligence obligations which have been implemented by many of the major banks, which came into effect due to changes to the anti-money laundering and counter-terrorism financing rules. 

New rules have been implemented by NAB, Westpac and St George, with CBA mandating completion of acceptable training by the 31st of December 2015 for holders of commercial accreditation. Other lenders have indicated that they will implement similar requirements.

Siobhan Hayden, the chief executive of the MFAA, says the course will be free of charge to ensure all MFAA members are abreast of the current legislation and their compliance requirements.

“The MFAA believes that its members should receive this training as part of their membership and it is important that those finance brokers who engage with the above lenders meet their obligations by lender deadlines,” she said.

“To further support broker administration staff, other industries and associations under the same obligations, we offer the training at only $29 inclusive of GST. This will be accessible online on the MFAA website.” 

The MFAA has created the AML3 Refresher in conjunction with members of its lender and compliance forums to ensure the content is appropriate and specific for brokers. 

The AML3 Refresher will be available on the MFAA website in the course catalogue from Monday 30th of November 2015.
 

COMMENTS

  • by John Sanders 26/11/2015 8:40:41 AM

    Is this the same course the FBAA is charging $49 to it's members to complete?

  • by Broker 26/11/2015 9:05:21 AM

    Ching ching!

  • by Regional Broker 26/11/2015 9:11:58 AM

    What does Broker mean It IS FREE?

    Just renewed my membership with the MFAA, had do the course, it was good and FREE.

    It took 30 Minutes and I am compliant, well done to the MFAA.