Setting Up In Australia - AML Obligations
Australia is a fantastic place to do business. A business setting up and launching in Australia needs to understand and comply with local Australian laws. The Australian AML/CTF Act and obligations are no different.
The Australian AML regime is based upon the FATF Recommendations so it will be familiar to an overseas business. However, there are many local Australian AML/CTF laws that are not familiar to an overseas business, which, if not understood and implemented, will cause regulatory risks.
AML Experts have assisted numerous offshore businesses with their new Australian AML/CTF policies, procedures, systems and controls.
We have assisted businesses from the following countries in setting up in Australia:
- United States of America;
- New Zealand;
- United Kingdom;
- Ireland;
- Singapore;
- India.
Our Services For Offshore Businesses
As we have a deep knowledge of the Australian AML Regime and an excellent working of the US, UK, Singapore, and Eurpoean Union AML regimes we can assist your business "translate" its current jurisdiction AML policies into a compliant Australian AML-CTF Program.
Legal Advice on the Australian AML/CTF Act
As a law practice we are able to offer you high quality legal advice as well as regulatory consulting advice. You will have the comfort that you are being advised by lawyers who actually understand the AML/CTF Act and have assisted reporting entities with operational AML/CTF Programs. This is unlike other law firms who do not really understand how your business operates, and other consultants who give unqualified legal advice.
Our legal services include:
- Advice on AML obligations including the new AML/CTF Act obligations
- Applications for exemptions and modifications
- Responding to AUSTRAC investigations
- Responding to AUSTRAC enquires
- Remediation
Are you sure your business complies with the Australian AML/CTF laws?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) is complex. If your business is not meeting its obligations it could face significant penalties and even serious enforcement action.
It doesn't matter whether you have a small risk and compliance team or are part of a larger organisation, sometimes you need specialised advice or an extra pair of hands to make sure you're meeting your obligations under the AML/CTF Act. That's where AML Experts can help.
Do you know what your Australian AML/CTF obligations are?
The AML/CTF laws and rules set out a broad range of obligations that businesses like banks, non-banking financial services businesses, credit providers, money transfer or remittance services, bullion dealers, corporate bookmakers, fintech startups, and gambling businesses may need to comply with. These compliance obligations include:
- Enrolling with AUSTRAC
- Registering any remittance services
- Carrying out a Money Laundering / Terrorist Financing / Proliferation Financing Risk Assessment
- Putting in place an AML/CTF program
- Putting in place and completing Know Your Customer (or Customer Due Diligence) processes
- Designing and implementing Ongoing Customer Due Diligence and Transaction Monitoring
- Lodging Threshold Transaction Reports, Suspicious Matter Reports and International Funds Transfer Instructions
- Keeping appropriate AML/CTF records
- Conducting an Independent Evaluation of your AML/CTF program
These obligations can be onerous and they require regular maintenance and review to make sure that they’re operating effectively. We know how overwhelming it can feel, that’s why our objective is to help and support you.
We can help you meet your Australian AML/CTF compliance obligations
The AML/CTF Act is a complex piece of legislation with serious consequences if your business doesn’t comply. As we work with the AML/CTF Act every day, we understand exactly what your obligations are and can help your business comply efficiently and effectively.
We work with a wide range of clients from large financial services firms to fintech startups to help them meet their requirements under the law. We have helped clients by:
- Providing a second opinion on a specific area of the law.
- Giving them partner level consulting advice on the AML/CTF laws and regulations.
- Reviewing their AML/CTF procedures and policies to make sure they’re up to date with current regulatory requirements.
- Assisting them in putting in place operational processes that meet the needs of their business.
- Carrying out ML/TF Risk Assessments.
- Conducting an Independent Review or Independent Audit of their AML/CTF Program.
- Giving them extra support when they need it most so they can meet their compliance obligations.
We're specialists in the AML/CTF Act. Unlike many larger service providers, we focus on helping businesses understand and meet their obligations under the complex AML/CTF framework. This means we have a deep technical understanding of the AML/CTF laws and regulations and know how to apply it practically within your business.
Because we focus on this area of law every day, we're able to respond to your questions and needs quickly and efficiently. We also take the time to understand your organisation so that we can provide bespoke advice that meets your needs. This means that we visit your office so we can understand your unique operational processes and business strategy. We then tailor our advice to your specific circumstances.
Our AML/CTF legal advice and compliance support services may be:
- Protected by Legal Professional Privilege / Client Professional Privilege
- Confidentiality
- Offered on a monthly or annual fixed-price retainer
If you need help meeting your AML/CTF compliance obligations get in touch and help will be on the way.
Liability limited by a scheme approved under Professional Standards Legislation.
