AML/CTF Ongoing Requirements

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reporting entities have a variety of obligations which need to be documented and adhered to in order to ensure you are compliant.  We can assist you to meet the requirements of your business by providing relevant and tailored advice.

Businesses who are Reporting Entities under the AML/CTF Act must do a variety of things to ensure they meet all the elements required by AUSTRAC and the law.

What are your AML/CTF obligations?

  • Adopting and maintaining an AML/CTF Program;
  • Notifying AUSTRAC of any changes or updates to your AUSTRAC enrolment and registration;
  • Conducting regular internal and independent compliance reviews of your AML/CTF Program and business operation;
  • Reporting various transactions to AUSTRAC such as International Funds Transfer Instructions, known as IFTIs, Suspicious Matter Reports, known as SMRs and Threshold Transaction Reports known as TTRs;
  • Conducting Know Your Customer, sometimes called KYC and AML/CTF risk assessment for each of your clients;
  • Conducting enhanced customer due diligence procedures; and
  • If you are a Remittance Network Provider, you will also have to conduct certain transaction reporting on behalf of the affiliates in your remittance network.

With such a long list of obligations you have to comply with as a remitter it can be a daunting task ensuring your business is compliant, this is where Sophie Grace can assist you. We can help you with all aspects of compliance and will ensure you are meeting all of your compliance obligations.

How can Sophie Grace Assist you?

We can assist your company to comply with the following procedures:

  • 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; and/or
  • Know Your Customer procedures – collection and verification of information.


The AML Rules require reporting entities to develop a risk awareness training program for employees.

Sophie Grace can provide training in the following areas:

  • Definition of money laundering and terrorism financing
  • The applicable regulatory requirements
  • Risk identification and management.

Training sessions are tailored to suit the requirements of your business.  At the end of this training, participants will be able to:

  • Explain the purpose of the AML/CTF Act;
  • Explain the role of AUSTRAC;
  • Explain the legal requirements around AML/CTF activities;
  • Describe and explain the framework of an effective risk management process;
  • Describe the consequences of non-compliance with the AML/CTF Act and Rules; and
  • Explain the essential features of an AML/CTF Program.

Sophie Grace is able to provide ongoing compliance support and training to Reporting Entities in order to ensure your AML/CTF obligations are met.  If you would like further information or assistance, please contact Sophie Grace directly.

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