Reporting Entities must enrol and/or register with AUSTRAC by completing the Australian Business Profile Form
All Reporting Entities are required to adopt an AML/CTF Program
Reporting Entities have a variety of obligations in relation to Reporting, Risk management, Customer Due Diligence, and Record Keeping
Most Reporting Entities are required to submit an annual compliance report to AUSTRAC
With a long list of obligations, ensuring your business is compliant with its AML/CTF obligations can be daunting. This is where Sophie Grace can assist you. We can help with many aspects of AML/CTF compliance so you can ensure you are meeting your obligations.
Assessing the ML/TF risks which impact your business, and developing measures to address these risks, is a key obligation for all reporting entities.
A risk assessment should include an assessment of:
In assessing the money laundering, terrorism financing and proliferation financing (“ML/TF/PF“) risk which it faces, reporting entities must:
All reporting entities must have procedures in place to identify and verify their customers. Customer due diligence obligations include:
Reporting entities must determine:
Identification and verification of your customers’ KYC information is essential in order to:
Reporting entities must collect KYC information from all new customers. These are broken down according to their category and have specific requirements in the AML/CTF Rules:
Reporting entities are also required to verify some, or all, of the KYC information collected. This process is intended to ensure the information provided is confirmed by the reporting entity as being accurate. Reporting entities should determine the KYC information to be verified and the method for verification based on their risk assessment.
The AML/CTF Act also requires reporting entities to undertake ongoing customer due diligence – that is, regular monitoring of customers’ transactions and documenting what triggers you have to request further or updated identification from your clients.
If you would like further information or assistance, please contact Sophie Grace directly.
Sophie Grace can provide you with an AML/CTF Program and can assist you to tailor it to your business’ needs. We have three different options available to suit your business and finance needs.
You can purchase template documents from our online shop. The template is an instant download and includes prompts to help you tailor the document yourself. We have template documents for:
Sign up to the Compliance Portal and receive the template AML/CTF Program Package, and obtain access to updated documents in light of any updates we make as new guidance or amended legislation is released. Choose between:
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
Find everything you need in relation to the AML/CTF Reforms
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