AML Risk Assessment and Program

How robust is your AML/CTF Program?

Does your AML/CTF Program meet your obligations? Does it safeguard your operations? Is it up to date?

If you're not sure of the answer to any or all of these questions, you could find yourself in hot water. Don’t wait for AUSTRAC to come knocking, get ahead of the curve and update your ML/TF Risk Assessment or AML/CTF Program now.

Your AML/CTF Risk Assessment and Program must be tailored to your business

An ML/TF Risk Assessment is a legal requirement. It assesses your risks so you can then make sure that you have an AML/CTF Program that meets the letter and spirit of the law.

Your AML/CTF Program must outline how your business meets its obligations under the law. It must also outline the operational policies and procedures that have been put in place to mitigate the risks identified in your Risk Assessment.

Every AML/CTF Program must also make sure you know your customer. You can complete this process using documents or electronic verification processes. There are pros and cons to both options, so it’s best to speak to someone who understands them and can advise you on what is best for your business.

Your AML/CTF Risk Assessment and Program is not something that you should purchase off-the-shelf. We can help you tailor a Risk Assessment and Program that mitigates your business risks and address the needs of your clients and business model.

Reduce your risk by getting it right

AML Experts will put your program through its paces so that you’re ready when AUSTRAC comes knocking. We have helped clients by:

  • Identifying gaps or vulnerabilities in their Part A and Part B AML/CTF Programs.
  • Demonstrating how money launderers or people who finance terrorism could exploit their processes.
  • Helping them to mitigate the risk of their business processes being exploited.
  • Making sure they know their customers and understand their financial activities.
  • Giving them practical advice to minimise their risk of encountering issues with AUSTRAC.
  • Helping them to design and implement technology-based verification solutions.
  • Showing them how to integrate electronic verification into their websites and apps.
  • Making sure their customer verification processes satisfy the complex technical rules.
  • Streamlining their processes so customer verification is more efficient and cost-effective.
  • Writing their AML/CTF Program documents to make sure they meet legal requirements.
  • Assisting them to tailor their current processes to meet the legal requirements.
  • Drafting AML/CTF policies that are unique to their business.
  • Making sure they have robust transaction monitoring processes in place.
  • Benchmarking their existing processes against best practice.
  • Conducting scenario testing to evaluate their potential response to particular situations.

We are able to do this because we:

  • Understand what is required to complete a thorough AML/CTF Risk Assessment.
  • Use the ISO91000 Risk Management Standard methodology that is recognised by AUSTRAC.
  • Work closely with clients on their Risk Assessment.
  • Tailor the Risk Assessment to your unique business.
  • Know how to link the Risk Assessment to your AML/CTF Program.
  • Write compliant AML/CTF Programs regularly.

To tailor a robust ML/TF Risk Assessment and Program for your business get in touch.

Test your program

To tailor a robust ML/TF Risk Assessment and Program for your business get in touch with Paddy Oliver.

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