New guidance on selecting an AML/CTF adviser
You are the first line of defence in combating and disrupting money laundering, terrorism financing (ML/TF) and other serious crime.
Depending on the nature, size, or level of ML/TF risk exposure your businesses faces, you may choose to engage the services of an adviser specialising in anti-money laundering and counter-terrorism financing (AML/CTF) to help you understand and meet your obligations.
These specialist services include:
- advising on the ML/TF risks facing your industry
- providing advice on your AML/CTF obligations
- conducting a ML/TF risk assessment of your business
- tailoring an AML/CTF program for your business
- training your staff on AML/CTF matters
- conducting an independent review of your AML/CTF program.
It is your responsibility to ensure your business meets its AML/CTF obligations, so take care when engaging an AML/CTF adviser.
Guidance on selecting the right adviser
AUSTRAC has released updated guidance to help you select an adviser who is suitably qualified and experienced to provide products and services for your business. The guidance sets out a number of factors you should consider and address prior to engaging the services of an adviser.
By cultivating a culture of compliance and having strong AML/CTF safeguards in place, businesses can protect themselves and keep Australia’s financial system safe from exploitation by criminals and terrorists.
It is not obligatory to hire an AML/CTF adviser. If you do decide to engage the services of an adviser, make sure they are a good fit for your business. Remember: go for tailored, not off the rack.
For more suggestions to help you choose, see our engaging AML/CTF adviser page. You can also download a sample checklist with more detailed factors to consider (PDF, 181KB).