Reporting entities captured by the AML/CTF Act and Rules are required to have in place an AML/CTF Program. There are three types of Programs:

• Standard AML/CTF Program (may be suitable for a stand-alone reporting entity)
• Joint AML/CTF Program (may be suitable for multiple entities within a Designated Business Group structure)
• Special AML/CTF Program (may be suitable where the only designated service a reporting entity provides is item 54 – a financial services licensee that arranges for another financial services licensee to provide products and services to its own customers)

Both a standard and a joint AML/CTF Program must contain Part A and Part B. Part A focuses on the identification, management and mitigation of ML/TF risks, while Part B deals with customer identification and verification processes.