Australian businesses are subject to strict Anti-Money Laundering & Counter Terrorism Financing (AML/CTF) obligations.
Under AML/CTF legislation businesses are required to:
- conduct risk assessments to understand and manage the money laundering and terrorism financing risks to which they are exposed.
- implement systems and governance arrangements to manage their money laundering and terrorism financing risks (including vetting and training staff, and regularly reviewing the effectiveness of their systems and their compliance with AML/CTF obligations).
- verify the identity of their customers, monitor their customers’ behaviour, and keep appropriate records.
- advise AUSTRAC if they have obligations under the AML/CTF Act, either through registration or the submission of a compliance report.
- report to AUSTRAC on cash transactions, international movements of funds and suspicious matters.
Dobbie Services, an AUSTRAC External Auditor, can assist with AML/CTF compliance in a number of ways:
- Implementing & monitoring an AML/CTF Program.
- Reviewing compliance with an AML/CTF Program (to comply with regular independent review requirements).
- Providing assurance in relation to compliance with AML/CTF obligations (to domestic and foreign banks)
- Aligning IT systems and internal controls to policies & procedures
Risk awareness training
AML/CTF risk awareness training must be provided to employees. We have developed training programs to assist with this requirement. We can also provide the training.