MFAA clarifies anti-money laundering accreditation confusion

by Julia Corderoy16 Dec 2015
The Mortgage and Finance Association of Australia (MFAA) has clarified that the Anti-Money Laundering 3 (AML3) refresher accreditation for brokers does not require completion through a Registered Training Organisation (RTO). 

Last month, the MFAA launched an AML3 refresher course in response to new customer due diligence obligations which have been implemented by many of the major banks. These new lender requirements came into effect due to changes to the anti-money laundering and counter-terrorism financing rules.

However, the chief executive of the MFAA, Siobhan Hayden, has issued a statement clarifying that that the course provider does not need to be an RTO following much confusion expressed by some brokers.

“The key drivers of this important accreditation are from lenders who want to ensure that the brokers they align with have the highest standard of knowledge to deal with customers.  The course can in fact be delivered by any organisation in the industry, for example both ANZ and Advantedge have provided their own version for their accredited brokers, and CBA and Macquarie are recommending the free course that we facilitate,” Hayden said.

“We are delivering this course to support our members and we also accept AML3 accreditation from other organisations and associations that provide broker-specific training to ensure that brokers can continue to trade without disruption.”

Hayden is also urging all industry organisations and associations support and accept the accreditation as long as it comes from a credible organisation. 

“To reject an accreditation on the basis of disagreement with the provider brand is not within the best interests of the industry and has no basis in fact. It is a requirement of everyday business so focus on the broker,” Hayden said.

The content for the MFAA’s AML3 refresher course was drafted by Gadens lawyers before engaging with key lender members to ensure that it met their needs and obligations and allowed brokers a seamless approval to continue to trade.