Understanding changes to AML/CTF obligations and the Privacy Act for reporting entities
InsightUnderstanding changes to AML/CTF obligations and the Privacy Act: what reporting entities need to know.
Organisations need to be confident they’ve taken correct action when it comes to safeguarding their business from the risk of money-laundering and terrorism-financing.
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 all different types of businesses.
High-profile breaches and significant regulatory action exposing businesses to substantial financial penalties and reputational damage has been in the spotlight.
Australia has commenced the largest AML reform since 2006 to align Australia’s AML regime with standards recommended by the Financial Action Task Force (FATF). The reforms will have significant implications for existing reporting entities as well as the additional real estate, legal and accounting professions under the ‘Tranche 2’ updates.
Anti-Money Laundering and Counter-Terrorism Financing Act
Australia has a strong regime in place to combat financial crime. 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, and they have changed how frequently you must review your policies and programs (every two years) and by who (independent reviewer).
Reporting Entities must have an Anti-Money Laundering and Counter-Terrorism Financing Program specifying how they comply with the legislation. These programs are vital in identifying, disrupting and preventing money laundering and terrorism financing, protecting your organisation, community and Australia from criminal activity.
Anti-Money Laundering reforms hub
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Grant Thornton is a leading specialist in AML/CTF risk management providing tailored services including expert advisory, compliance and support services; program development, risk assessment and policies; and support on regulatory engagement and remediation.
Unlike providers that rely on generic, one-size-fits-all compliance models and lack dedicated AML/CTF teams, we are a team of specialists who design and leverage specific tools, accelerators and leading frameworks, to collaborate with you to achieve the right risk management outcomes, pragmatically, efficiently and effectively.
Proven by our unique track record of high profile, complex engagements on AML/CTF risk management and compliance across all industry sectors, which spans both existing and new entrants to the regime. We have a detailed understanding of the reforms and how both existing entities and new entrants can minimise costs and stay or become compliant. We have worked closely with AUSTRAC on a number of Tranche 2 industry engagement initiatives.
We are also the only AML/CTF consultants from Australia that have worked directly with over 200 New Zealand entities since 2018.
We partner with you to build an outcomes-focused, fit-for-purpose AML/CTF risk management program that protects and future-proofs your organisation from criminals seeking to launder money and fund terrorism.
We provide the following services:
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