The Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF) imposes a risk-based approach to counter the money laundering problem. The obligations under the AML/CTF Act are obligatory for a wide range of financial services organisations including financial services firms; banks; building societies; credit unions; superannuation funds; and on the gambling sector.
Here at Sophie Grace, we have demonstrated legal and compliance experience to comply with AML/CTF obligations in Australia. With skills in AML/CTF, risk identification and compliance framework design, clients are given confidence that their AML/CTF needs are not only met, but the procedures in place are effective and efficient.
The key areas we target to enhance our client’s AML/CTF procedures are as follows:
- Know Your Customer (KYC);
- Ongoing Customer Due Diligence (OCDD);
- Record Keeping;
- Suspicious Matter Reporting;
- Training and awareness of all staff;
- Review of the AML/CTF Program; and
- Appointment of an AML/CTF Compliance Officer.
We have included a variety of resources below to provide you with the information required to equip you with confidence when complying with your businesses AML/CTF obligations.
How can Sophie Grace Assist you?
- Determine whether AML/CTF Obligations are applicable;
- Assist with ongoing requirements, including the implementation of an AML/CTF Program;
- Tailor your AML/CTF Program to suit your business needs;
- Review your AML/CTF Program annually;
- Explain Remittance and the ongoing obligations applicable to the provision of Remittance services; and
- Provide further information regarding Digital Currency Exchange.
Sophie Grace will work with your organisation to achieve compliance with all of these obligations.