AML/CTF is an integral part of your financial services business
The financial services industry is currently under the microscope. It may feel like the Government and regulatory authorities are watching every transaction and customer interaction you make. Thankfully, there is one area that you do have some control over - managing your AML/CTF obligations.
AML/CTF compliance is an integral part of your financial services business regardless of whether you’re a:
- Bank
- Building society
- Credit union
- Digital currency exchange
- Financial planner
- Investment manager
- Stockbroker
- Superannuation fund
- Wealth and asset manager
Your AML/CTF Program needs to be designed specifically for the types of transactions you have, your customers and risks.
Control your AML/CTF risks
Your business may face many risks. Sometimes these can be difficult to identify and manage. Some of the risks that your company may encounter include:
- The proceeds of crime are laundered through bank accounts or other financial vehicles
- Large cash transactions are made through account or transaction products that you provide or manage
- Repayments of a lending facility are accelerated by a customer
- Customers using trusts, companies or accounts in different countries to hide the beneficial owner
- The possibility of anonymous trading using non-cash payments
- Customers use many small or quick transactions to try and break up the audit trail of their activity
- It's difficult to identify customers adequately, particularly if you're dealing with them online
- Customers ask you to advise them on how to structure their assets in a way that may obscure who the beneficial owners are
- It's difficult to verify the source of the funds that your business is asked to manage or handle
Each of these risks could seriously affect your business if not identified and responded to quickly. That's why it's important to have someone you can trust on your side.
We'll help you manage your risks
No matter how simple or complex your business and products are, we can make sure that you meet all of your compliance needs. We have helped wealth managers, investment management firms, stockbrokers and other financial services businesses including Payton Group, Western Asset and OpenMarkets. We can help you by:
- Creating and/or implementing your AML/CTF Program
- Completing an Independent Review of your AML/CTF Program
- Conducting an AML/CTF Risk Assessment
- Creating bespoke training programs for your employees
- Showing you how electronic verification can simplify your Know Your Customer processes
- Giving you ongoing advice and assistance about your AML/CTF risks and obligations
