Anti-Money Laundering
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the ‘AML/CTF Act’, the ‘Act’) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (Cth) (the ‘AML/CTF Rules’, the ‘Rules’) impose various obligations on persons captured by the definition of ‘reporting entity’ under section 5 of the Act.
A reporting entity refers to a person that offers one or more designated services as defined in section 6 of the Act. Below are a few examples of designated services:
- Remittance and Remittance Network
- Managed Investment Schemes (MIS)
- Over-the-counter (OTC) derivatives issuers
- Currency exchange
- Financial planning
A Reporting Entity’s Obligations
A reporting entity may have a variety of obligations depending on the designated services it provides and how it they provided.
A reporting entity will typically be required to:
- Establish and maintain an AML/CTF Program
- Have a designated AML/CTF Compliance Officer
- Train their staff on AML/CTF Compliance Solutions
- Conduct Know Your Customer (KYC)
- Comply with the ongoing customer due diligence (OCDD) obligations
- Comply with reporting obligations, such as suspicious matters reports (SMRs), threshold transactions reports (TTRs), International Funds Transfer Instructions (IFTIs), and annual compliance reports
- Review and update the AML/CTF Program
How We Can Help
We can assist you with the compliance of the above-mentioned obligations, such as:
AUSTRAC enrolment and registration (Registration is required for remittance service providers and also cryptocurrency exchange providers)
Draft an AML/CTF Program and the associated policies and procedures that are tailored to your business
Conduct AML/CTF compliance inductions and refreshers for your team
Provide further roles-based training and guidance to the team members who are involved in the AML/CTF compliance regime in your organisation
Provide ongoing guidance and assist your team with KYC, OCDD especially transactions monitoring and reporting
Reviewing and updating your existing AML/CTF Program
Independent review of Part A of the AML/CTF Program
Contact info
We are open for new projects!
Online Enquiry
Any questions or business offers? We are looking forward to hear from you!
Call us
International: +61 2 9188 2999
Taiwan: 02 5594 4927
Australia: 1300 729 171
China : 950 4059 5638
MAIN OFFICE LOCATION
Level 18, 799 Pacific Hwy
Chatswood NSW 2067
Chatswood NSW 2067