You must develop, maintain and comply with an anti-money laundering and counter-terrorism financing (AML/CTF) program tailored to your business.
On this page you’ll learn about the steps you need to take to develop your AML/CTF program. This will help you implement a risk-based approach and meet your obligations.
Program overview
Your AML/CTF program must include both your:
- money laundering and terrorism financing risk assessment. This identifies and assesses your money laundering, terrorism financing and proliferation financing risks. We refer to these as ML/TF risks. It’s the first step to develop your program and shapes the AML/CTF policies that protect your business
- AML/CTF policies. These detail the policies, procedures, systems and controls you’ll use to manage and mitigate your ML/TF risks. They ensure you comply with your AML/CTF obligations.
AML/CTF program obligations
This section refers to the Act sections 26C, 26D, 26E, 26F, 26G, 26U, 107, 111, 114 and 116.
This guidance sets out how we interpret certain Australian legislation, along with associated Rules and regulations. Australian courts are ultimately responsible for interpreting these laws and determining if any provisions of these laws are contravened.
The examples and scenarios in this guidance are meant to help explain our interpretation of these laws. They’re not exhaustive or meant to cover every possible scenario.
This guidance provides general information and isn't a substitute for legal advice. This guidance avoids legal language wherever possible and it might include generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.