A reporting entity must have Part A of its AML/CTF program reviewed independently and regularly by someone not involved in developing and implementing the program.
An employee due diligence program documents the procedures you use to screen your employees to identify and minimise ML/TF risk.
Reporting entities must provide ML/TF risk awareness training to employees.
Your AML/CTF program must document the enhanced customer due diligence program that you will apply when the money laundering/terrorism financing risk is high.
You must have a transaction monitoring program in place to identify suspicious and high-risk transactions from customers.
Reporting entities must make threshold transaction reports (TTRs) to AUSTRAC for cash transactions of $10,000 or more.