Is the Compliance Officer training required before accessing the Risk Assessment?
On paid plans the Compliance Officer must complete CO training modules before the Risk Assessment becomes accessible.
Yes - once a customer is on a paid plan, the Compliance Officer must complete the CO training modules before the Risk Assessment becomes accessible. This is a deliberate gate: AUSTRAC's Rules expect the CO to understand the regulatory framework before producing a Risk Assessment that drives the firm's AML Program.
What this means in practice:
- Freemium / pre-sign-up phase. Anyone signing up to the free tier can explore the Risk Assessment interface to understand the questions, the level of detail expected and the platform structure. Any work done here carries over to the paid plan after sign-up - nothing is lost.
- Post-sign-up, before CO training is complete. Other staff can be added, training can be allocated, and the AML/CTF Program template can be reviewed. The Risk Assessment itself is locked.
- CO training completed. The Risk Assessment unlocks. The CO can draft and sign off, or delegate drafting to Senior Management (see "Can the initial Risk Assessment be conducted by someone other than the Compliance Officer?").
CO training is approximately 2–3 hours of content delivered in modules of 20–40 minutes each. It can be split across multiple sittings. Completion certificates and badges are issued automatically. See AUSTRAC's AML/CTF Program reform materials for the CO competence expectations.