ARTICLE · 06 OCTOBER 2023

Why your AML/CTF Program needs to be independently reviewed regularly

Holley Nethercote

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AUSTRAC explains that an independent review is an impartial assessment of Part A of the AML/CTF Program.

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We have conducted lots of independent reviews. In this article we explain who the review obligations apply to, who can undertake them, where they come from, and what to expect.

If you provide financial, lending, remittance, gambling, digital currency (crypto asset) exchange or bullion-related services, you must enroll with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a reporting entity, and comply with the Australian anti-money laundering and counter-terrorism financing (AML/CTF) laws. Remitters and digital currency exchanges (DCEs) also need to register with AUSTRAC (yes, enrolment and registration are different things). AUSTRAC is Australia's AML/CTF regulator and specialist financial intelligence unit (FIU).

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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