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:
- Remittance and Remittance Network
- Managed Investment Schemes (MIS)
- Over-the-counter (OTC) derivatives issuers
- Currency exchange
- Financial planning
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:
- Establish and maintain an AML/CTF Program
- Have a designated AML/CTF Compliance Officer
- Train their staff on AML/CTF Compliance Solutions
- Conduct Know Your Customer (KYC)
- Comply with the ongoing customer due diligence (OCDD) obligations
- Comply with reporting obligations, such as suspicious matters reports (SMRs), threshold transactions reports (TTRs), International Funds Transfer Instructions (IFTIs), and annual compliance reports
- Review and update the AML/CTF Program
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
We are open for new projects!
Online Enquiry
Any questions or business offers? We are looking forward to hear from you!
Call us
International: +61 2 9188 2999
Taiwan: 02 5594 4927
Australia: 1300 729 171
China : 950 4059 5638
MAIN OFFICE LOCATION
Level 18, 799 Pacific Hwy
Chatswood NSW 2067
Chatswood NSW 2067
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.