ARTICLE · 24 MAY 2023

Reducing the burden of AML/CTF independent reviews

McMahon Clarke

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What does an independent review involve? Approach for low-risk entities. Are you meeting you AML/CTF obligations?

AustraliaFinance and Banking

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The financial services industry is constantly grappling with achieving a balance between reducing the risk of financial crime and being commercially sensible. Many commentators on the anti-money laundering and counter terrorism financing (AML/CTF) regime in Australia note the heavy burden and cost of customer identification, monitoring, reporting, and independent reviews.

Associate Taylor Green explains there is a common misconception that a simple annual review of Part A of an AML/CTF Program for compliance with legislative change is sufficient to satisfy the independent review requirement of the regime. In fact, independent reviews are significantly more involved.

WHAT DOES AN INDEPENDENT REVIEW INVOLVE?

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