OUR SERVICES
Anti-Money Laundering
We will assist you through this process by viewing it through AUSTRAC’s eyes.
Anti-Money Laundering
Anti-Money Laundering (AML) refers to the set of laws, regulations, and internal procedures designed to prevent, detect, and report financial activities that are intended to disguise illegally obtained funds as legitimate.
AML focuses on identifying suspicious transactions, assessing client risk, and ensuring businesses implement controls that stop criminals from using financial systems for money laundering, terrorist financing, or other illicit purposes.
COUNTER-TERRORISM FINANCING (CTF)
CTF refers to the set of laws, procedures, and controls designed to stop money from being used to support terrorist activities. It focuses on identifying, monitoring, and reporting financial transactions that could fund terrorism, ensuring that individuals, businesses, and financial systems are not exploited for illegal purposes.
AUSTRAC
(Australian Transaction Reports & Analysis Centre)
In Australia, the organisation that oversees efforts to prevent money laundering and the financing of terrorism is AUSTRAC. This agency ensures that businesses handling money, such as banks, financial service providers, and certain non-financial businesses, follow rules to detect and report suspicious activity. AUSTRAC oversees legislation in respect of reporting entities such as accountants and lawyers, in respect of designated services and reporting of suspicious activity.
Failing to meet AML/CTF obligations can expose your business to serious consequences, including financial penalties, regulatory investigations, and reputational damage. We can assist professional firms in ensuring their processes meet the requirements of AUSTRAC.
CHANGES IN THE AML/CTF REGIME
Structural and Operational Shifts for Professionals
Tranche 2 Inclusion
Expands AML/CTF coverage to designated non-financial businesses like accounting, real estate and legal sectors.
Risk-Based Approach
Moves from rule-based compliance to a framework emphasising outcome-oriented risk assessments.
Enhanced CDD Protocols
Introduces tiered Know-Your-Client procedures, including verification of beneficial owners and Politically Exposed Persons (PEPs).
WHAT IF YOU DON’T COMPLY?
Failing to meet AML/CTF obligations can expose your business to serious consequences, including financial penalties, regulatory investigations, and reputational damage. LATE MEANS NON-COMPLIANT. Compliance is not optional; delays or oversights signal a breach of the law and put your organisation at risk.
Significant Financial Penalties
Expands AML/CTF coverage to designated non-financial businesses like accounting, real estate and legal sectors.
Reputational Damage
Moves from rule-based compliance to a framework emphasising outcome-oriented risk assessments.
Legal Consequences
Introduces tiered Know-Your-Client procedures, including verification of beneficial owners and Politically Exposed Persons (PEPs).
Increased Regulatory Scrutiny
Non-compliant firms may face audits, reporting burdens, or future licensing blocks.
How We Can Help:
Firmwide Risk Assessment (FWRA)
Firmwide Risk Assessment (FWRA)
Firmwide Risk Assessments are the foundation of any effective AML framework. They require firms to assess where their exposure to money laundering and terrorism financing risk exists, based on the services they provide, the clients they act for, and how those services are delivered.
We conduct structured, defensible Firmwide Risk Assessments that align with AUSTRAC’s risk-based approach. Our methodology focuses on identifying where risk actually sits, why it exists, and how it should be assessed in a practical, real-world context.
By combining a structured methodology with professional judgement, we ensure your FWRA is logical, consistent, and withstands regulatory scrutiny.
- Clear understanding of where AML risk exists within their firm
- A practical, defensible risk assessment aligned to AUSTRAC expectations
- Confidence that risk is properly identified and documented
- A strong foundation for building the broader AML compliance framework
- A structured and consistent approach to assessing AML risk
- A defensible framework to support professional advice
- Reduced exposure to regulatory scrutiny and compliance risk
- Greater confidence in guiding clients through AML obligations
AML CoreComply – End-to-End Compliance Platform
AML CoreComply – End-to-End Compliance Platform
AML CoreComply is our purpose-built compliance platform designed to operationalise AML requirements across professional firms.
Rather than managing AML through disconnected documents and spreadsheets, AML CoreComply provides a single, integrated system that consolidates all compliance elements into a structured framework.
The platform is designed to reflect how firms actually work — linking risk, decisions, controls, and governance into a seamless process.
Key capabilities include:
- Identification of designated services
- Controls and compliance framework
- Ongoing due diligence and monitoring
- Firmwide Risk Assessment (FWRA)
- AML/CTF Program (Part A & Part B)
- Recording and tracking of employee training
- Risk Appetite and governance framework
- Client risk assessment and onboarding
- Audit-ready reporting and documentation
By embedding AML into a structured system, firms can move from reactive compliance to proactive risk management.
- A complete, end-to-end AML compliance solution in one platform
- Clear, consistent processes embedded into daily operations
- Reduced reliance on manual processes and spreadsheets
- Confidence that all AML obligations are being managed in one place
- A scalable solution that grows with the business
- A structured platform to support consistent AML decision-making
- Reduced administrative burden and manual compliance work
- Improved visibility across client risk and compliance status
- A defensible audit trail supporting all AML activities
- Confidence in meeting Tranche 2 obligations
Ongoing Support
Ongoing Support
Compliance is not a one-time task. We stay by your side, providing continuous support to ensure your AML/CTF program remains effective and up to date.
From conducting regular program audits to reviewing and preparing suspicious matter reports, we handle the complex, time-consuming tasks so your team can focus on running the business.
As your dedicated AML partner, we offer expert guidance, practical solutions, and peace of mind, helping you maintain compliance, manage risks, and respond confidently to regulatory requirements.
- Peace of mind knowing compliance is continuously monitored
- Expert handling of audits and suspicious matter reports
- Reduced risk of regulatory penalties or breaches
- Confidence that their AML/CTF program stays effective and up to date
- Provide clients with continuous compliance oversight
- Reduce liability and exposure to regulatory scrutiny
- Access expert guidance on audits and reporting obligations
- Strengthen client trust through proactive AML/CTF support
