Reporting Entities who only provide designated services outlined in item 54 of table 1 in s 6 of the AML/CTF Act are subject to modified AML/CTF obligations.
Item 54 service providers include AFSL holders who arrange for a person (their customer) to receive a designated service. For example, 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 service provider. This category commonly includes financial advisers who arrange for their clients to receive designated services from another Reporting Entity.
An item 54 service provider is not required to comply with the following requirements:
Sophie Grace can provide an AML/CTF Program which can be tailored to your specific needs to ensure that you comply with the obligations under the AML/CTF Act and Rules. 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.
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 to the documents as new guidance or amended legislation is released until 31 March 2026.
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
Your AML/CTF Program must include the following:
All Reporting Entities must conduct a Business Risk Assessment, which identifies and assesses the Risks your business may reasonably face. The Risk Assessment should include consideration of:
Reporting Entities should consider data from a variety of sources when conducting their Business Risk Assessment, including:
If you are an item 54 service provider and also provide another designated service (that is in addition to arranging for a person to receive a designated service from another Reporting Entity), you will not be able to rely on the exemptions for item 54 service providers and must adhere to all relevant AML/CTF obligations.
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.
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 to the documents as new guidance or amended legislation is released until 31 March 2026.
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
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.
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