Anti-Money Laundering (AML)

The Australian Transaction Reports and Analysis Centre (‘AUSTRAC’) is the administrator of the AML/CTF regime and the Financial Intelligence Unit (‘FIU’) in Australia.

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Anti-Money Laundering

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the ‘AML/CTF Act’, the ‘Act’) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (Cth) (the ‘AML/CTF Rules’, the ‘Rules’) impose various obligations on persons captured by the definition of ‘reporting entity’ under section 5 of the Act. 

A reporting entity refers to a person that offers one or more designated services as defined in section 6 of the Act. Below are a few examples of designated services:

A Reporting Entity’s Obligations

A reporting entity may have a variety of obligations depending on the designated services it provides and how it they provided.

A reporting entity will typically be required to: 

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How We Can Help

We can assist you with the compliance of the above-mentioned obligations, such as:

AUSTRAC enrolment and registration (Registration is required for remittance service providers and also cryptocurrency exchange providers)

Draft an AML/CTF Program and the associated policies and procedures that are tailored to your business

Conduct AML/CTF compliance inductions and refreshers for your team

Provide further roles-based training and guidance to the team members who are involved in the AML/CTF compliance regime in your organisation

Provide ongoing guidance and assist your team with KYC, OCDD especially transactions monitoring and reporting

Reviewing and updating your existing AML/CTF Program

Independent review of Part A of the AML/CTF Program

Contact info

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ACY Advisory

ACKNOWLEDGEMENT

ACY Advisory acknowledges and respects the Traditional Custodians of country throughout Australia. We respect their knowledge and recognise their continued connections to land, sea and community. We pay our respect to their Elders past, present and emerging.