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Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Compliance

Reporting entities who provide designated services have obligations under the Australian AML/CTF laws. G2 can assist you to determine what your obligations are and how to build your AML/CTF compliance framework to ensure that you operate within those requirements.

AML/CTF Law and Regulator

The Australian Transaction Reports and Analysis Centre (‘AUSTRAC’) is the regulator of the AML/CTF regime and also a Financial Intelligence Unit (‘FIU’) in Australia.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the ‘AML/CTF Act’) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (Cth) (the ‘AML/CTF Rules’, the ‘Rules’) impose certain 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 table 1 section 6 of the Act. Below are some examples of designated services:

  • remittance services
  • managed investment schemes
  • digital currency exchange
  • OTC and derivative market making
  • equities and derivative broking
  • financial planning
  • real estate agent
  • accountant
  • legal

AML/CTF Program and Risk Assessment

If you are starting a new business which has obligations under the AML/CTF Act you will need to do the following:

  • Enrol with AUSTRAC as a reporting entity
  • Register with AUSTRAC if you are providing remittance or Digital Currency Exchange services
  • Appoint an internal AML/CTF officer
  • Conduct an ML/TF risk assessment of your business activities
  • Create a standard, joint or special AML/CTF Program which outlines your policies and procedures to ensure that you operate within the regulations.

G2 can assist to guide you through all of these steps above and give you confidence that you will have a robust and flexible AML/CTF compliance framework.

Independent review of your AML/CTF Program

All reporting entities are required to conduct independent reviews of their AML/CTF Programs from time to time. The size, scale and nature of your business will determine the frequency of these reviews. G2 is well placed to conduct these reviews which cover the following AML/CTF requirements:

  • ML/TF risk assessment
  • Part A and Part B of your AML/CTF program
  • Employee due diligence and risk awareness training
  • Transaction monitoring
  • AUSTRAC reporting
  • Record keeping
  • Customer identification and verification KYC
  • PEP and Sanctions screening

G2 will review your policies and procedures, as well as conduct some testing and issue you with a final report.

AML/CTF Compliance Training for Staff

Staff AML/CTF risk awareness and compliance training is a requirement under the AML/CTF Act. G2 can either assist to establish your internal training and risk awareness program or provide your employees with our onsite or virtual training options.