Our anti-money laundering team comprises lawyers from a range of legal disciplines. Our team have developed in-depth knowledge of the laws and practices of organisations in Australia and other regulated countries, such as the United Kingdom and the United States.
Our lawyers can assist organisations to identify the regulatory touch points of the new Australian anti-money laundering and counter-terrorism financing (AML/CTF) requirements. We can assist your organisation in the development and implementation of requirements under the AML/CTF requirements.
- design your AML/CTF risk based compliance program
- provide solutions to regulatory overlap (e.g. AML/CTF and privacy)
- provide advice on the impact on documents, procedures, systems, people and customers
- ensure international consistency and compliance
- assist in developing employee and third party AML/CTF training programs
- provide liaising opportunities with AUSTRAC
- a proven track record of assisting a wide range of clients to successfully implement similar regulatory compliance projects
- streamlined project management processes to meet diverse client needs
- skills, expertise and experience to offer practical, commercially focused solutions
- depth of resources - large team of lawyers dedicated to regulatory compliance
- extensive AML/CTF experience (Australian and international)
- solutions to minimise the impact of AML/CTF compliance burden on your business
- clear, plain English advice
Background
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is now law. The AML/CTF Act places obligations on providers of financial services and gaming services, and on bullion dealers. All obligations are subject to a 15 month civil penalty amnesty for organisations taking reasonable steps to comply.
Who does this affect?
The reforms affect entities who offer specific services which may be exploited to launder money or finance terrorism. The AML/CTF Act applies regardless of whether the entity is currently regulated under the Financial Transaction Reports Act (FTRA). The FTRA (including the “100 point check”) will cease to apply once the AML/CTF Act is fully operational. The AML/CTF Act also has broad extra territorial application to overseas entities.
What must you do under the reforms?
You are required to undertake certain obligations if your organisation is considered to be a “reporting entity”, including:
- Customer due diligence - Identify, verify and monitor customers using a “risk based approach” - both initially and on an ongoing basis. On a “risk based approach” you may need to know for whom your customers act.
- AML/CTF program - Create and maintain an AML/CTF program to identify, mitigate and manage the risk of money laundering and terrorism financing.
- Record-keeping - Keep and maintain adequate records of your organisation’s actions.
- Report - Suspicious matters, transactions above a set threshold and international funds transfer instructions to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
How do you know if your organisation is a reporting entity?
Your organisation is a reporting entity if it provides a “designated service”. There are 57 designated services relating to financial services and other designated services relating to bullion dealing and gambling.
What obligations are already in force?
Some obligations have already started, for example, those relating to electronic fund transfers, designated remittance arrangements and correspondent banking relationships. The obligation to have an AML/CTF program and meet customer identification requirements will commence on 12 December 2007. Further obligations will commence on 12 December 2008 in relation to ongoing and enhanced customer due diligence and suspicious matter reporting.
“The group is also characterised by its excellent regulatory track record….”
IFLR 1000 2007