Engaging AML/CTF advisers
Reporting entities are the first line of defence in the fight against money laundering, terrorism financing (ML/TF) and other serious crime. A strong anti-money laundering and counter-terrorism financing (AML/CTF) program and culture is essential to ensuring Australia’s financial system is resilient against criminal and terrorist exploitation.
To assist your business understand and meet your AML/CTF obligations, you may choose to engage the services of an AML/CTF consultant or adviser. These advisers can provide a number of products and services including:
- Building your understanding of the ML/TF risks facing your sector and your business
- Providing advice on your AML/CTF obligations
- Assisting you to develop a tailored money laundering and terrorism financing risk assessment for your business
- Assisting you to develop a tailored AML/CTF program for your business
- Training your staff on AML/CTF matters
- Conducting independent reviews of your AML/CTF program
While it is not appropriate for AUSTRAC’s to endorse the services of any AML/CTF adviser or their products, we recognise that there are benefits and efficiencies to be gained from engaging the services of a third party consultant to assist you to understand and meet your AML/CTF obligations.
It is ultimately your responsibility to ensure that any third parties your business engages are suitably qualified and experienced to provide products and services that comply with your AML/CTF obligations.
To help you select an adviser who is suitably qualified and experienced to provide products and services for your business, we recommend that you consider a range of factors.
Before engaging an adviser, talk to them and consider the following factors about the person providing the services, and the services they provide.
You can also download a sample checklist with more detailed factors to consider (PDF, 181KB)
The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.