An AUSTRAC reporting entity is required by the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 to adopt and maintain procedural documentation to address the obligations imposed by the Act. The AML/CTF Program must comply with the AML/CTF Rules.
Sophie Grace can provide an AML/CTF Program tailored to your businesses needs to ensure that you comply with the obligations under the AML/CTF Act and Rules.
This may include the following:
- Identification and analysis of money laundering and terrorism financing risks;
- Risk awareness training programs for employees;
- Processes for monitoring and reporting transactions;
- Ongoing customer due diligence and enhanced customer due diligence procedures;
- Know Your Customer procedures – collection and verification of information.
If you provide remittance services, you will be required to have an AML/CTF Program in place in order to finalise your registration with AUSTRAC. Sophie Grace can provide an AML/CTF Program which is tailored to your remittance business.
If you would like further information of assistance, please contact Sophie Grace directly.