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ARTICLE · 12 OCTOBER 2023

Navigating AML/CTF Programs – Essentials for AFSL and Credit Licence Holders

Sophie Grace Pty Ltd
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The AML/CTF Act imposes obligations on financial service and credit providers providing designated service(s) in Australia.

AustraliaFinance and Banking
Olga Veselovskaia
Olga Veselovskaia
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The AML/CTF Act imposes obligations on financial service and credit providers that provide designated service(s) with a geographical link to Australia (Reporting Entities). These Reporting Entities are required to establish a written AML/CTF Program that addresses potential risks related to money laundering (ML) and terrorism financing (TF).

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All Reporting Entities must implement one of three types of AML/CTF Programs:

  1. Standard AML/CTF Program;
  2. Joint AML/CTF Program; or
  3. Special AML/CTF Program.

Standard AML/CTF Programs are required to be implemented for individual Reporting Entities and consist of two parts:

  1. Part A – the main purpose of Part A is to identify, mitigate and manage risks associated with ML and FT. Other elements which are required to be included in Part A are specified in Chapter 8 of the AML/CTF Rules.

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