AML/CTF Independent Audits, Advice & AUSTRAC

AML/CTF legal advice and AUSTRAC liaison

We don’t just build AML/CTF programs that comply with Australian requirements (and New Zealand, upon request).  We also audit them, develop them, and provide ongoing liaison on your behalf, with the regulator AUSTRAC.  

Have you received a letter from AUSTRAC?  Perhaps you need assistance with enrolment or registration on the Remittance Sector Register.  If you have unwittingly breached the AML/CTF laws, the way you negotiate with AUSTRAC can have a substantial effect on how AUSTRAC responds.  We help clients liaise with AUSTRAC.

We run or attend industry forums for money remitters, OTC derivatives (including CFDs) providers, fund managers, financial advisers and FinTech startups, so we know what AML/CTF issues they’re facing at a practical level.

We also provide ad-hoc advice to Australia’s remittance associations, and are involved globally with associations in other countries for the purposes of addressing the global de-risking (de-banking) crisis facing remitters and digital currency providers.  Some of our staff are authorised by AUSTRAC as external auditors, and Partner Paul Derham chairs the AML and Financial Crime Committee for the Australian Digital Currency and Commerce Association (ADCCA).


Independent Audit of AML/CTF Program

If you have Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations, we can help you.

One of the requirements under the AML/CTF regime is that your Part A Compliance Program must be subject to regular independent review.  Chapter 8.6 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) says:

Part 8.6    Independent review
  • 8.6.1    Part A must be subject to regular independent review.  The review may be carried out by either an internal or external party.
  • 8.6.2    The purpose of the review should be to:

(1)  assess the effectiveness of the Part A program having regard to the ML/TF risk of the reporting entity;

(2)  assess whether the Part A program complies with these Rules;

(3)  assess whether the Part A program has been effectively implemented; and

(4)  assess whether the reporting entity has complied with its Part A program.

 

  • 8.6.3    The result of the review, including any report prepared, must be provided to the governing board and senior management.
Chapter 9.6 has a similar requirement for your business if it operates within a Designated Business Group.

Paul Derham and Naomi Fink have been authorised by AUSTRAC as external auditors.  If we helped develop your program, we have a network of highly reputed external auditors that we can recommend.

We can provide your company with an easy to understand and practical report that shows how your AML/CTF compliance is tracking and what you need to do to improve it.  We typically expand the above scope to include things we know AUSTRAC looks for.

Contact our office to find out how we can help you.


Anti-Money Laundering and Financial Crimes