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MFAA launches free compliance course for brokers

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Australian Broker | 26 Nov 2015, 07:00 AM Agree 0
The MFAA has launched an AML3 Refresher course free of charge to all its members
  • John Sanders | 26 Nov 2015, 08:40 AM Agree 0
    Is this the same course the FBAA is charging $49 to it's members to complete?
  • Broker | 26 Nov 2015, 09:05 AM Agree 0
    Ching ching!
  • Regional Broker | 26 Nov 2015, 09:11 AM Agree 0
    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.
  • Broker | 26 Nov 2015, 09:47 AM Agree 0
    @Regional Broker.

    I have admin staff too, so this is just another peripheral expense to my business - and another form of revenue extracted from brokers for the MFAA, pretty simple eh?
  • SouthBrisBroker | 26 Nov 2015, 01:26 PM Agree 0
    Hey Broker, admin are not required mate and this was great getting something free that is really needed. Perhaps you can get yours from the FBAA for $50... Sad when you can't be positive about something good.
  • Broker | 26 Nov 2015, 02:49 PM Agree 0
    Oops I misread that, not sure it's something that I really need though, be it for free or otherwise.
  • Siobhan Hayden | 26 Nov 2015, 05:03 PM Agree 0
    Thanks for your feedback @ Broker. As a valued member the AML3 Refresher has been made available to you for free to meet the MFAA’s standard for education requirements. We applaud you for investing in the training of your administrative staff, however from a compliance perspective there is no mandatory requirement for them to do so.

    Please feel free to use the downloaded Study Guide when you complete it, to share with your staff for education purposes. If you are not a member this pricing $20 cheaper than other options.

    If you have questions you can contact me on
  • Steve Broker | 27 Nov 2015, 04:06 PM Agree 0
    Guys, just make sure you are comparing apple with apples. Is this course just the AML 3 standalone, or the full refresher course which includes AML3 as part of it?

    Also, can't swear to it, but to be valid and accepted by the regulators/lenders etc. wouldn't this course need to be provided through an RTO? Can someone out there clear this up for me?
  • Siobhan Hayden | 01 Dec 2015, 01:35 PM Agree 0
    Thx for the question @Steve Broker.

    The AML3 that we have recently promoted is provided as a stand-alone course for all existing members to complete where their accredited lender requires it. It is also a standard inclusion in our annual AML refresher.

    The RTO status is only required if the MFAA wanted to issue qualifications with a nationally recognised designation, such as a Diploma or Degree. The AML is an accreditation for MFAA and lender purposes and therefore not required to be issued by an RTO.
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