Super SA

179 The Hon. H.M. GIROLAMO ().16 November 2022). Can the Treasurer advise—

1. What policies and procedures does Super SA have to detect, and prevent money laundering?

2. What policies and procedures does Super SA have to detect and adhere to its counterterrorism funding obligations?

The Hon. K.J. MAHER (Minister for Aboriginal Affairs, Attorney-General, Minister for Industrial Relations and Public Sector): The Treasurer has advised:

In respect of policies and procedures that Super SA has in place to detect and prevent both money laundering (ML) and terrorism financing (TF), please note that Super SA is required to be registered with, and provide information to, AUSTRAC as it provides superannuation related designated services consistent with the Anti-Money Laundering and Counter-Terrorism Financing (AML CTF) Act and rules.

These rules require Super SA to maintain a board approved AML CTF program which documents their approach to the management of money laundering and terrorism financing risk. This program includes:

a risk-based assessment of the likelihood of ML and TF

procedures that will identify potential at risk transactions which are then subject to detailed review

procedures to ensure that appropriate staff screening and monitoring are applied including a three-yearly criminal history check

ongoing staff training to ensure all staff are fully aware of their obligations under the AML CTF Act, rules, and the board approved program

a comprehensive know your customer process

ongoing monitoring of members against AML CTF databases to identify any known suspicious customers and to highlight members who may be at greater risk of committing either money laundering or terrorism financing offences

The program itself is subject to internal review annually and independent review every two years. Each time changes are made to the program, these are endorsed by the Audit, Risk and Finance Committee and then approved by the board.