The module replaces the bi-annual anti-money laundering and counter-terrorism course
The Mortgage & Finance Association of Australia (MFAA) is introducing a new annual compliance refresher for its broker members as part of its ongoing commitment to maintaining professional standards in the industry.
Anja Pannek (pictured above), MFAA chief executive, stated that the compliance refresher was developed in consultation with industry stakeholders to ensure brokers remain up to date on the latest regulations and compliance requirements in the evolving lending market.
“Our members have earned the trust of Australians, and maintaining that trust means taking compliance seriously,” Pannek said. “We are committed to providing opportunities for compliance learning that meet the needs of our members and the expectations of their clients.”
The compliance refresher, which will be available at no cost to MFAA members, replaces the bi-annual anti-money laundering and counter-terrorism course. The new module covers key areas such as the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act, the Best Interests Duty (BID) and the Conflict Priority Rule (CPR), as well as the Privacy Act.
“We wanted to make it easy for our members to stay current, so the compliance refresher has been designed to be straightforward to complete as part of the membership renewal process,” Pannek said.
The module will also be updated regularly to include relevant topics such as ethics, fraud, and cybersecurity.
The compliance refresher will be required for all MFAA members with a loan-writing membership starting Sept. 2, and must be completed during the membership renewal process.
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