The Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) Act 2006 (Cth) includes a complex set of requirements for providers of 'designated services' to establish an effective RISK based AML/CTF program.
Simply receiving/implementing legal advice on your requirements under the legislation will NOT be sufficient to meet your regulatory obligations. You need to understand the specific AML/CTF and Financial Crime risks faced by your business.
Money Laundering describes the practice of concealing illicit funds or criminal proceeds to make them appear legitimate. It is an essential part of committing crime for profit, as failure to launder funds can quickly lead to suspicion and criminal conviction.
Operating in Australia are several large criminal organisations whose business is based entirely on effectively laundering funds. These crime groups employ very intelligent career criminals who are continually coming up with new methods of exploiting the legitimate financial system to hide their dirty money. The true sources of these funds often includes proceeds from serious crimes such as drug/human trafficking, fraud, child pornography, extortion, war crimes, corruption and tax evasion.
It is unlikely that seeking the advice of a lawyer or accountant will be enough to protect your business from being exploited.
PROTECT your business today and contact an experienced and certified Anti-Money Laundering Specialist.
For more information on the scale and complexity of Money Laundering in Australia please click below.