GRACE ADVISORY
AML/CTF Compliance
Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Compliance
AML/CTF Regime Overview
The Australian Transaction Reports and Analysis Center (‘AUSTRAC’) is the administrator of the AML/CTF regime and the Financial Intelligence Unit (‘FIU’) in Australia. 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 and market makers
- 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 they are 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
As experienced AML/CTF compliance professionals, we can assist you with the compliance with the above-mentioned obligations, such as:- AUSTRAC enrolment and registration (Registration is required for remittance service providers and also cryptocurrency exchange providers)
- Drafting an AML/CTF Program and the associated policies and procedures that are tailored to your business
- Conducting AML/CTF compliance inductions and refreshers for your team
- Providing further roles-based training and guidance to the team members who are involved in the AML/CTF compliance regime in your organisation
- Providing 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
