We provide AML & CTF audit, review, advisory & consulting services

We develop tailored AML/CTF programs, including risk assessments, policies, and controls to meet your business’s specific regulatory needs, ensuring compliance and effective risk management.

A risk assessment evaluates your business’s exposure to money laundering and terrorist financing risks. It’s the foundation for implementing appropriate AML/CTF measures and helps protect your business from regulatory breaches.

Our ad-hoc advisory service offers expert AML advice whenever needed. We provide tailored solutions to manage unique compliance challenges, allowing your business to address risks promptly.

We offer comprehensive consulting for SMEs dealing with intricate AML compliance issues. From complex due diligence to risk management, we provide support to ensure your business remains compliant while operating efficiently.

The AML hotline offers immediate access to expert advice on AML-related queries, helping businesses address pressing compliance questions quickly.

Regular updates ensure your AML/CTF program remains aligned with evolving regulatory requirements and business practices. This reduces the risk of non-compliance and enhances operational efficiency.

Yes, we offer assistance with regulator registration and ensure your reporting obligations, such as suspicious matter reports (SMRs) and international funds transfer instructions (IFTIs), are fully met.

Our services cater to a range of industries, including financial services, real estate, legal services, accounting, and more. We tailor our approach to meet the specific AML needs of your sector.

We work closely with your team to implement policies and controls that are not only compliant but also tailored to your operations, ensuring they are effective and easy to integrate into your business processes.

Our complex KYC due diligence service includes in-depth customer identity verification, risk assessment, and transaction monitoring, particularly for high-risk or complex client scenarios.

We help design and implement transaction monitoring systems that are tailored to your business, ensuring that suspicious activities are detected and reported in compliance with AML regulations.

Our advisory services provide continuous support, ensuring that your AML/CTF program remains compliant with new regulations and evolving risks, protecting your business in the long term.

Yes, we provide customised AML training programs that educate your employees on the latest AML regulations, best practices, and risk management strategies.

The AML/CTF regime is central to Australia's efforts to prevent criminals from profiting from their unlawful activity and to prevent funds from reaching terrorist organisations.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) place responsibilities on Australian entities that provide any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services to detect and deter money laundering and terrorism financing. The Act ensures that businesses take appropriate and efficient steps to ensure that their clients are not money laundering and terrorism financing while contributing to public confidence in the Australian financial system.

A Risk Assessment is a Reporting Entity’s foundational document which assesses the risks and vulnerabilities of being exposed to money laundering or terrorist financing.

A Reporting Entity’s Programs must be based on the risks assessed in its Risk Assessment and must set out internal policies, procedures and controls which will manage and mitigate money laundering and terrorist financing. There are three types of AML/CTF Programs: ‍ Standard program – applies to individual reporting entities; Joint program – applies to reporting entities that are members of a “designated business group”; and Special program – applies only to holders of an Australian Financial Services License (AFSL) offering a particular kind of designated service. ‍ AML/CTF Programs have two key parts: Part A, relating to the identification, management and reduction of the risk of ML/TF (not required for a special program); and Part B, relating to customer identification and verification procedures i.e KYC.

You must decide how often reviews are done. How you decide depends on: ‍ • The size of your business or organisation. • What kind of business or organisation you have. • How complex your business or organisation is. • Your level of money laundering/terrorism financing risk. ‍ High-risk organisations should have independent reviews done at least every two to three years.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) place responsibilities on Australian entities that provide any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services to detect and deter money laundering and terrorism financing. The Act ensures that businesses take appropriate and efficient steps to ensure that their clients are not money laundering and terrorism financing while contributing to public confidence in the Australian financial system.

The AML/CTF Rules are subsidiary legislative instruments made under the AML/CTF Act. The AML/CTF Rules provide the detail for the broader obligations set out in the AML/CTF Act. Their official title is the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).

Since 2007, Tranche 2 of the legislation has been under consideration, which would expand the entities required to comply with AML/CTF obligations to include real estate agents, lawyers, book-keepers, accountants, and trust/company service providers (also known as gatekeepers).

The Attorney-General has announced a public consultation regarding proposed anti-money laundering and counter-terrorism financing (AML/CTF) regime reforms in Australia. The objective of the proposed reforms is to ensure that the regime conforms to international standards. industry can enhance their understanding of their obligations and compliance.

As a reporting entity, your business will be required to implement risk management programs to identify and mitigate potential money laundering and terrorist financing risks. This includes conducting customer due diligence (CDD) on clients, monitoring transactions and client behaviour for suspicious activities, and reporting any suspicious matters to AUSTRAC.

To better understand and fulfil your obligations under Tranche 2, you can refer to official guidance from AUSTRAC, engage in industry-specific training, and seek advice from legal or financial professionals with expertise in AML/CTF compliance. One AML can also help you understand and meet your AML/CFT obligations. We provide robust, cost-effective, and seamless solutions. Get in touch with us today.

There are opportunities for your business to showcase its commitment to compliance and ethical practices. By diligently following the regulations, you can enhance your reputation as a trustworthy partner for your clients, reducing the risks associated with money laundering and terrorist financing activities.

Tranche 2 will require accountants to be more vigilant in their dealings with clients engaged in financial transactions susceptible to money laundering. You will need to perform detailed assessments of your client's activities and keep a close eye on any unusual or large transactions. Additional training and software tools may be necessary to meet compliance requirements.

Lawyers and conveyancers will need to play a more active role in identifying and preventing money laundering and terrorist financing. You will have to conduct comprehensive client due diligence, particularly for high-value transactions, and report any suspicious activities to AUSTRAC.

Real estate professionals will face increased scrutiny in their transactions. You will need to conduct thorough checks on buyers and sellers, verify their identities, and assess the nature of the transactions more diligently. This may lead to longer transaction times and additional administrative burdens.