ARTICLE · 03 MAY 2024

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AML/CTF Independent Compliance Review

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Reporting entities should conduct an independent review after the first year of operations to ensure AML/CTF compliant.

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Victoria Lombardo

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The AML/CTF Act places a number of obligations on financial service and credit providers that provide designated services (listed in section 6 of the AML/CTF Act) in order to deter and prevent money laundering and terrorism financing.

One of the obligations includes adopting and maintaining an AML/CTF Program which complies with the AML/CTF Rules. Part A of the AML/CTF Program must include procedures to ensure an independent review is conducted at regular intervals.

What does an Independent Review involve?

The purpose of an independent review is to provide an impartial assessment of whether Part A of your AML/CTF Program has been implemented effectively, whether it addresses the ML/TF risks and complies with the legislative requirements. All of these requirements should be tested in the independent review.

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