In this three-part series, we will be summarising the steps you need to take to set up a successful AML compliance programme for your business.
This series is meant to help Lawyers, Accountants, Real Estate Agents and Financial Services subject to the AML/CTF Act. This guide is designed for anyone in the organisation involved in the AML/CTF Compliance Programme.
If you’d like to go straight into the thick of it, you can download the complete guide for free here!
1. Appoint a Compliance OfficerThis first point cannot be overstated. Under the Act, a reporting entity is required to appoint an AML/CTF Compliance Officer. The Compliance Officer must be at a managerial level and they are responsible for ensuring that your business meets AML/CTF regulations. They manage the day-to-day operations of your AML/CTF programme, and they’re the key liaison between your business and AUSTRAC. Note: If you’re a sole trader, you may choose to engage with a consultant or independent adviser in order to comply with the AML/CTF Act. Key duties of a Compliance Officer include:
- Ensuring your business complies with its AML/CTF obligations
- Reporting to your board and senior management about how your compliance programme is performing and any issues that arise
- Day-to-day management of your AML/CTF programme
- Being the key liaison between your business and AUSTRAC including submitting reports, organising audits, and addressing any feedback from them directly.