Below is an overview of each of our AML/CTF Reforms subscription plans.
The Tranche 1 AML/CTF Package has been designed for existing AUSTRAC Reporting Entities. Tranche 1 entities are those that provide one or more designated services listed under section 6 of the AML/CTF Act that have a geographical link to Australia. These entities generally provide financial, gambling, bullion or digital currency exchange services. This includes: fund managers, CFD brokers, securities dealers, remittance service providers, digital currency exchange providers, credit providers, pawn brokers.
Item 54 Providers are AFSL holders that arrange for customers to receive designated services from another Reporting Entity. For instance, if you do not issue financial products, but arrange for your clients to acquire a financial product from another Reporting Entity, you will be an item 54 provider. This category commonly includes financial advisers who arrange for their clients to receive designated services via another Reporting Entity. If you only provide designated services outlined in item 54 of table 1 in s 6 of the AML/CTF Act you are considered an Item 54 Provider.
Tranche 2 entities are the newly incorporated non-financial businesses and professions that are now regulated by AUSTRAC. These entities include:
real-estate professionals;
dealers in precious metals and stones;
lawyers;
conveyancers;
accountants; and
trust & company service providers.
If you are unsure if your business is considered a Tranche 2 entity, please visit our dedicated website page here, or contact us.
Below is a breakdown of the compliance policies you will have access to with each AML/CTF Reforms subscription plan.
The compliance portal provides various subscription plans to suit your business compliance needs. Watch our demonstration video now!
All Sophie Grace Policies and Registers comply with the latest regulatory guidelines. Should new guidelines be implemented by a regulatory body, Sophie Grace will notify you once the updated document is available for download. Additionally, each document states when it was last updated.
Once you have subscribed to a plan, you are locked in for a minimum of 12 months. During these 12 months, you can upgrade your plan, but cannot downgrade.
Yes, the minimum sign up period is 12 months. During this time, you can upgrade your plan, but you cannot downgrade.
If you provide both Credit Provider and Credit Assistance Provider Services, you should choose a Credit Provider Plan, as there are additional documents you will need as a Credit provider.
You can view the full list of documents included in each plan by clicking the links above where it says ‘view our full range’.
Yes, each AFSL and ACL plan includes all documents relevant to that licence type. If you are required to have an AML/CTF Program, it will be included in your subscription.
If you are signed up to one of our time plans, and don’t use the full 30 or 60 minutes within a month, the time will rollover to the next month. However, our consultation time must be used within 12 months.
Additionally, the value of any unused consultation time may be used to contribute to the purchase of a compliance document that is not otherwise available under your Plan. If you choose to do this, the value of the compliance document will be deducted from the unused consultation time.
Consultations booked and paid for directly via the Sophie Grace website shop are one-off consultations only. No unused time will be accrued in relation to these consultations.
We can answer any questions you have about recent legislation, your compliance obligations and compliance policies.
If you do not have anything to discuss, you may use your consultation time in other ways, i.e. if you would like Sophie Grace to review a document, and provide comments, and we spend 30 minutes doing so, we will deduct 30 minutes from your time.
When you book a consultation with one of our staff members, you will be given the option of a face-to-face meeting, zoom conference, or a phone call.
If you have unused consultation time but don’t have anything to discuss in a meeting, you can use the consultation time for us to review your documents, attend compliance meetings, or answer questions over email i.e. if you would like Sophie Grace to review a document and provide comments, and we spend 30 minutes doing so, we will deduct 30 minutes from your time.
No, if you require legal advice you will need to engage Sophie Grace Legal seperately.
If the initial 12 month sign up period has ended and you wish to cancel your subscription, simply email billing@sophiegrace.com.au and we will process the cancellation.
If you provide retail and wholesale services, you should choose a Retail plan, as there are additional documents you will need as a retail service provider.
Unfortunately, we are unable to give you additional logins for other employees at your business. If you would like someone else to log in to your account, you will need to give them your login details.
We are also unable to send notifications to multiple email addresses. All notifications will be sent to the account holder.
Over a decade of experience in the financial services and credit industries.
Being Australian owned and operated means we are on top of all new and emerging regulations in Australia.
We service clients both in Australia and around the world.
Our specialised team allows us to offer clients a personalised approach.
Continue reading below to see what other services Sophie Grace offers.
Sophie Grace provides compliance services to ensure your business meets the regulatory requirements.
