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

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.

Key Areas

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?

Sophie Grace will work with your organisation to achieve compliance with all of these obligations. Contact us for further information on your AML/CTF obligations.

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