Free AML/CTF Compliance Checklist

Free Template

An Essential Guide for Australian Reporting Entities

Download this free AML/CTF Compliance Checklist, a comprehensive guide designed to help Australian businesses meet their obligations under the AML/CTF Act and Rules. The checklist outlines a framework for managing money laundering and terrorism financing (ML/TF) risks, from initial program development to ongoing monitoring and reporting. This document is a critical tool for entities required to comply with AUSTRAC regulations.

The checklist details key compliance areas, including:

• AML/CTF Program Framework: Develop a program that includes both risk management (Part A) and customer identification (Part B), and appoint an AML/CTF Compliance Officer.
• Annual Compliance Reports: File your annual AML/CTF Compliance Report with AUSTRAC by March 31.
• ML/TF Risk Assessment: Conduct a risk assessment based on customer types, geographies, delivery channels, and services, and update it annually or as needed.
• Customer Due Diligence (CDD): Implement processes to identify and verify customers, including enhanced due diligence for high-risk clients.
• Employee Training: Provide new employees with induction training and all employees with annual refresher training on AML/CTF obligations.
• Transaction Monitoring and Reporting: File Suspicious Matter Reports (SMRs) with AUSTRAC within a few business days and submit Threshold Transaction Reports (TTRs) for cash transactions over AUD 10,000.
• Sanctions Compliance: Screen customers and transactions against the DFAT Consolidated List and train staff on the tipping-off prohibition.
• Recordkeeping: Retain records for a minimum of seven years, including customer identification documents and reports submitted to AUSTRAC.
• Independent Audit and Review: Have Part A of your AML/CTF program reviewed independently every two years by someone not involved in its development.

This checklist serves as a practical guide to help you manage your compliance responsibilities.

For further support, contact our AML lawyers at Click Legal for professional advice and assistance.

Contact Us Email: hello@clicklegal.com.au

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