Credit providers also have AML/CTF compliance obligations
Even though your risks may not be as high as other financial services providers, as a credit provider your business is still required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act (the AML/CTF Act).
We know how hard it is to prioritise AML/CTF compliance amongst the many other obligations that you have to meet for the Australian Securities and Investment Commission (ASIC) and other regulatory bodies, but all it takes is one small oversight and your business may find itself answering to AUSTRAC.
Your AML/CTF risks may be difficult to detect
There are many inherent risks when you provide credit facilities to customers, but those related to money-laundering or terrorism financing are often particularly difficult to detect. These may include:
- Whether your AML/CTF Program is robust enough to mitigate your risks
- Monitoring transactions that your customers make, like when they accelerate their repayment schedule by making lump sum repayments or even terminate their facility early
- If you provide personal credit, being able to identify other areas where fraud may be occurring, like Centrelink fraud
- If you give credit to businesses or commercial enterprises, identifying loans or transactions with related entities
- Lending facilities in one state or country with collateral that is held in another state or country
We can help you mitigate these risks by:
- Conducting an Independent Review of your AML/CTF Program to make sure it meets your business' needs
- Put in place robust Know Your Customer processes. We know how important it is to help you sign up customers quickly and easily. We can help you do this while making sure that you still meet the AML Rules requirements and AUSTRAC's exacting expectations.
- Completing an AML/CTF Risk Assessment to help you identify, mitigate, and manage your risks
- Creating and/or implementing an AML/CTF Program that is tailored for your business
- Giving you practical and bespoke advice about your AML/CTF risks and how you can mitigate them
- Putting together and delivering a training program for your employees
AML Experts have the experience your business needs
We have helped Landmark, Credit Corp, Payton Group, 180 Group and other credit providers understand their AML/CTF obligations, identify ways to manage their risks and implement robust strategies. Our people specialise in providing AML/CTF advice and compliance support services. All of our services are tailored to your needs and can:
- Give you the benefit of Legal Professional Privilege as some of our experts are Australian Legal Practitioners
- Offer you a second opinion on a particular area of law or aspect of your AML/CTF Program
- Give you extra support when you need it so you can meet your compliance obligations
- Offer you a monthly or annual fixed price retainer