Depending on the type of designated service you provide, Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regulations will apply to your company.
The AML/CTF Act (2006) places onerous obligations on companies to detect, manage and ideally eliminate, money laundering and terrorism financing risks.
Do the AML/CTF regulations apply to my business?
Not all businesses have AML/CTF obligations, and it is our job to identify whether your business requires an AML/CTF program.
The types of firms that have AML/CTF requirements include but are not limited to:
- Remittance dealers
- Share brokers
- Money lenders
- Financial services firms
- Foreign Exchange / Derivative brokers
- Fund managers
- Plus many more
Our first step is to understand your business and determine whether the AML/CTF obligations apply to your business.
We do this by asking a series of questions and undertaking a detailed risk assessment.
Our risk matrix is all about assessing the areas you may be at risk and establishing a tailored program to cover your particular needs.
As you can appreciate, the AML/CTF regulation is a risk based approach, and it is our job to identify each of your at-risk areas and establish a proactive plan to overcome them.
Helping you implement your AML/CTF obligations
Once we have understood your business, the tasks your staff have to do and the software you use, we can outline how to implement a successful and practical AML/CTF program.
One area that is key is the Know Your Client or KYC program.
By tightening up your KYC and highlighting areas of potential weakness to your staff, you and your team can successfully monitor transactions, identify the suspicious ones and report them.
It is our job to help you implement a seamless, simple process for your staff if and when any suspicious activity occurs.
Our experience is your best defence
The team at InnoInvest have been successfully implementing AML/CTF obligation reporting for many years.
We are well positioned to conduct independent reviews and implement a proactive AML/CTF program.
Upfront and ongoing risk assessments & reporting
Over time, your business can change, you may introduce new products, and as a result, we find a quarterly or six monthly risk assessment is ideal.
We outline all of this in the initial risk assessment and tailored AML/CTF program.
Also, we help clients on an annual basis to prepare the annual compliance reports and if needed, an independent review.
Another area we help with is drafting of the Suspicious Matter Reporting or SMR. If and when you have an issue with that, we can help draft your SMR. We can then lodge it with AUSTRAC.
Templates & checklist to make your compliance requirements easier
Everything we do around AML/CTF is to provide the templates and processes, based on our experience, which makes your reporting and regulatory obligations much easier.
One of the comments we often get from our clients is how helpful our templates and checklists are.
Our job is to help you with your ongoing AML/CTF obligations which include some of the following:
- Ongoing AML obligations
- Risk assessments
- How to assess your clients’ risk
- Identifying your money laundering risks
- Client verification processes
- How to report suspicious transactions
- International fund transfer obligations
- Threshold reporting transactions
- Transaction monitoring obligations
- Notifying AUSTRAC of any changes to your business
As you can appreciate, there are some key areas you need to be proactive about. We can help you stay on top of your obligations.
Get in touch today for a free consultation
We’d love to get clear on your goals and objectives and map out the best plan for you to move forward.
Give the InnoInvest team a call today on 02 9247 0022.