Anti-Money Laundering and Counter-Terrorism Financing

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Organisations could be at risk of money-laundering and terrorism-financing without even knowing it.

Money laundering (ML) is the processing of criminal profits to disguise their illegal origin. Terrorism Financing (TF) includes the financing of terrorist acts or any kind of terrorist organisation. This can occur within not just regulated industries, but in all different types of businesses.

ML/TF has been in the spotlight with high-profile breaches and significant regulatory action exposing businesses to substantial financial penalties and reputational damage. Australia has commenced the largest Anti-Money Laundering (AML) reform since 2006 to align Australia’s AML regime with standards recommended by the Financial Action Task Force (FATF). The reforms will have far-reaching implications for existing reporting entities as well as the additional real estate, legal and accounting professions under the “Tranche 2” updates.

Visit our AML Reform Hub

Anti-Money Laundering and Counter-Terrorism Financing Act in Australia

Australia has a strong regime in place to fight these two forms of financial crime. Australian Transaction Reports and Analysis Centre (AUSTRAC) regulates Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

AUSTRAC has widened its focus on who is affected by Anti-Money Laundering and Counter Terrorism Financing laws. Also, they have changed how frequently you must review your policies and programs (every two years) and by who (independent reviewer).

Regulated entities (that is, Reporting Entities) must have an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Program specifying how they comply with AML/CTF legislation. These programs are vital in identifying, disrupting and preventing money laundering and terrorism financing. This protects your business or organisation, your community and Australia from criminal activity.

Our AML and CTF services

Anti-Money Laundering reforms

Australia is updating its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime with the 2024 Amendment Bill, introducing "Tranche 2" reforms to include lawyers, accountants, real estate agents, and more in compliance efforts.

Anti-Money Laundering reforms

How we can help

Our Anti-Money Laundering and Counter-Terrorism Financing practice provides tailored AML/CTF risk management and compliance services to assist organisations in complying with the AML/CTF Rules.

Our dedicated AML/CTF team has extensive experience working with clients across a variety of industries, including financial services, gaming and retail. We take a practical approach to ML/TF risk assessments to ensure organisations are able to sufficiently address and manage higher risk areas of the business.

We frequently engage with thought leaders in the regulatory space, provide the latest best practice, and stay up-to-date on emerging regulatory guidance. We regularly meet with AUSTRAC to discuss emerging risks and we are an active participant in their AML/CTF advisor program.

We leverage Grant Thornton’s AML/CTF tools, accelerators and leading industry practices to provide you with the most effective and efficient outcomes.

We provide the following services:

AML/CTF Program Gap Assessment

Current Program Gap Analysis & Independent Review
Structured review of a current AML/CTF Program to new AML/CTF requirements.
Supports business already covered by the AML/CTF regime to take a proactive approach to the reforms and identify where a Program needs to change

AML/CTF Program Uplift

Adjust a existing Program or provide new Program based on the impact the AML Reforms have on a business
Support implementation of a revised Program

ML/TF Risk Assessment

Adjust the existing Risk Assessment or provide new Risk Assessment based on the impact the AML Reforms have on a business

Readiness Independent Review

New Program Compliance Analysis & Independent Review
Structured review of new AML/CTF Program to new AML/CTF requirements.
Supports a proactive approach to validate whether a Program is compliant with new requirements

AML/CTF program assessment and testing

Independent Review and testing of an AML/CTF Program
ML/TF Risk Assessment review and control testing
Compliance testing against the AML/CTF Act & Rules
Advise of systems and controls to manage ML/TF risk

Transaction monitoring

Scenario and rules set review and testing
Transaction monitoring alert investigations
Transaction rules validation and configuration

Know your customer

Customer risk rating methodology design
Customer onboarding and KYC remediation
Customer screening processes in line with the AML/CTF Act & Rules

AML/CTF framework design

Design and implement an AML/CTF Program
Design and implement an ML/TF Risk Assessment
Provide 2nd and 3rd line of defence guidance as a co-source

Training

AML/CTF training program assessment – including evaluation of training content, and effectiveness of training coverage across your organisation
Delivery of tailored AML/CTF risk awareness training to ensure your employees understand how to identify, prevent, mitigate and report money laundering and terrorism financing

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Katherine Shamai

Partner

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Neil Jeans

Partner

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Partner

Neil Jeans

+61 3 8320 2222

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Anti-Money Laundering and Counter-Terrorism Financing

Organisations could be at risk of money-laundering and terrorism-financing without even knowing it.

Anti-Money Laundering and Counter-Terrorism Financing Act in Australia

Our AML and CTF services

Anti-Money Laundering reforms

Anti-Money Laundering reforms

How we can help

We provide the following services:

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Anti-Money Laundering and Counter-Terrorism Financing

Organisations could be at risk of money-laundering and terrorism-financing without even knowing it.

Anti-Money Laundering and Counter-Terrorism Financing Act in Australia

Our AML and CTF services

Anti-Money Laundering reforms

Anti-Money Laundering reforms

How we can help

We provide the following services:

Thanks for your enquiry

Get in touch

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