3 Steps - KEEP IT SIMPLE!
STEP 1 Risk Assessment
STEP 1 Risk Assessment
STEP 1 Risk Assessment
Independent Risk Assessment:
Pinpoint your risks and define what’s needed for your AML/CTF program
STEP 2 AML/CTF Program
STEP 1 Risk Assessment
STEP 1 Risk Assessment
AUSTRAC‑compliant AML/CTF program:
Custom policies, procedures, and training based on your risk assessment
STEP 3 Search Provider
STEP 1 Risk Assessment
STEP 3 Search Provider
We’ve partnered with APLYiD to offer pay-as-you-go searches with no ongoing fees. It’s simple for clients, easy for agents, and gives clear costs for vendor campaigns.
Contact us for a discount CODE!
Our AML/CTF Program
Independent Risk Assessment
- Identify clients and transactions that present higher money laundering or terrorism financing risk
- Assess and measure the level of risk across your business operations
- Develop and implement an AML/CTF program tailored to effectively manage and mitigate these risks
Draft AML/CTF Program
- Establish clear internal policies to identify and verify clients in accordance with AML/CTF obligations
- Implement documented procedures for assessing and managing higher-risk clients and transactions
- Define processes for ongoing monitoring, reporting, and record-keeping to ensure continued compliance
- Regularly review and update your AML/CTF program to reflect changes in business operations or regulatory requirements
Monitoring & Audit
- Establish a comprehensive transaction monitoring program
- Understand and detect patterns linked to criminal network funding methods
- Identify potential structuring or suspicious activity through ongoing monitoring
- Implement automated systems and controls to seamlessly track and flag unusual transactions
- Conduct independent audits to ensure adherence to AML/CTF policies, operational integrity, and proper data retention
Reporting Policy
- Detect and assess transactions or behaviors that may indicate suspicious activity
- Apply your Enhanced Due Diligence (EDD) program to verify and investigate potential risks
- Lodge a Suspicious Matter Report (SMR) with AUSTRAC when required
Retention of Data
- Secure Data Collection: Ensure all Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) information is collected securely, minimizing exposure to unauthorized access
- Safe Storage Practices: Store all client data, reports, and records in secure systems (encrypted, password-protected, or cloud solutions compliant with privacy and cybersecurity standards)
- Retention Period: Retain all CDD and EDD records, as well as transaction and suspicious matter reports, for 7 years in line with AUSTRAC requirements
- Access Controls: Limit access to sensitive information to authorized personnel only; maintain logs to track access and modifications
- Cyber Protection Measures: Implement firewalls, antivirus software, regular system updates, and data encryption to prevent breaches or cyber-attacks.
- Data Disposal: Ensure secure deletion or destruction of records once the retention period expires, following best-practice data disposal procedures.
Training
- Documented Training: Provide formal training to ensure all staff fully understand current AML/CTF laws and obligations
- Onboarding New Staff: Include AML/CTF program training as part of the induction process, highlighting operational procedures and the designated compliance officer.
- Human Resources Integration: Update employment contracts and job descriptions to reflect AML/CTF responsibilities and compliance obligations.
- Roles & Responsibilities: Clearly define reporting lines, staff responsibilities, and directors’ obligations in relation to AML/CTF compliance.
- Ongoing Education: Conduct regular refresher training to ensure staff stay informed of legislative changes and internal procedure updates
