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

Money laundering is the processing of criminal profits to disguise their illegal origin. Terrorism financing 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.

These two issues have been thrust into the spotlight in recent months, with some high-profile breaches. This has demonstrated more than ever the need to ensure proper processes are in place to avoid substantial financial penalties and reputational damage.

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

Regulated entities (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.

Find out more Katherine Shamai

Partner, Grant Thornton Consulting

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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 this 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 assessment and testing

  • Independent Review and testing of Part A & B 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