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Money Laundering/Terrorism Financing Risk Assessment
Costs for a money laundering/terrorism financing risk assessment for small businesses start from AUD550.
AUSTRAC ML/TF reforms require captured business entities to demonstrate a risk-based approach to assessing ML/TF risk exposures. The ML/TF risk model relied upon must be able to reasonable demonstrate the likelihood of a business unwittingly facilitating money laundering/terrorism financing.
Results from an enterprise-wide money laundering/terrorism financing (ML/FT) risk assessment is what drives the decision making of the policies, procedures and controls.
Therefore, the ML/TF risk model adopted by an AML/CTF Program represents the risk management and governance framework that a business has committed to its AML/CTF compliance obligations.
To keep up-to-date with regulatory expectation, the ML/TF business risk evaluation must be regularly reviewed. Updates need to align with AUSTRAC guidelines, including incorporation of findings within the national and sector risk assessments.
How Can AML360™ Assist With Your Money Laundering/Terrorism Financing Risk Assessment?
AML360™ provides your firm with several options for development and ongoing maintenance of your money laundering/financing risk assessment. The option you choose will depend on the nature, size and complexity of your business, as well as the service option for ongoing updates.
Risk-Based AML/CTF Program
AML/CTF compliance requires risk profiling, record keeping, monitoring and reporting. AML360™ wraps your AML/CTF Program into a digital solution that automates complexities of subject-matter expertise.
AML360™ provides your business with a number of options to manage ML/TF compliance obligations.
For businesses that operate with little or no internal subject matter expertise and/or little or no systems for risk modelling, monitoring and reporting – AML360™ delivers a full-suite of compliance solutions. Alternatively, a single ML/TF compliance module can be subscribed to.
AML/CTF Case Management
AML/CTF compliance obligations require a record keeping system that can ensure client confidentiality and risk-based reporting. Some AML/CTF obligations require more urgency than others. AML360™ provides your business with the option of an ML/TF Case Management Register.
A common failure of ML/TF reporting entities is not maintaining risk-based reporting to qualify internal decision-making.
Demonstration of ML/TF compliance efficiency can be achieved through a Case Management register designed for allocation of ML/TF priorities and management oversight.
Keeping management and board members informed can be achieved through a live demonstration or from downloaded case management reports.
