Anti-money laundering laws (AML) aim to prevent the proceeds of crime entering the financial system. It is about preventing the funding of terrorism and other criminal activities. AML breaches risk negative publicity, brand name damage and significant penalties.
Anti-money laundering and counter-terrorism financing (CTF) is a key businesses risk area. AUSTRAC is increasing enforcement in the area. Compliance with AML/CTF legislative obligations is important to avoid regulatory enforcement, criminal prosecution and negative publicity. AML and CTF affects industries both within and beyond the financial services sector hence, AML is a major risk for regulated companies.
Our AML and CTF experts possess the skills and expertise required to advise on complex compliance issues, both proactively and reactively. A number of our lawyers have unique hands-on experience having held external positions such as a certified AUSTRAC external auditor under the previous regime conducting a significant number of independent audits of reporting entities’ AML/CTF Programs. We assist in developing policies and procedures to ensure compliance with AML/CTF laws and compliant AML/CTF programs.
We provide advice on the reporting and disclosure obligations under the AML/CTF laws, as well as advice on whether your business is a reporting entity under the legislation. We assist clients register with AUSTRAC as remittance dealers and digital currency exchanges. We regularly provide training to compliance staff and other personnel on AML/CTF obligations, as well as recent changes to the regulatory environment.