Anti-Money Laundering and Counter-Terrorism FinancingCompliSpace provides a comprehensive online AML/CTF program which covers all of the key requirements of the AML/CTF Act to assist businesses meet their obligations at a fraction of the time and cost of traditional consulting methods.
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If a business provides one of the designated services defined in Section 6 of the AML/CTF Act they are required to implement either a standard, joint or special AML/CTF Program. The law requires that AML/CTF Programs be documented and records must be kept of any variations to the program.
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Failure to have an adequate program in place can result in a penalty of up to $11 million for corporate bodies and up to $2.2 million for individuals.
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AML/CTF Act, 2006
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The obligations under the AML/CTF Act are onerous and businesses cannot afford to take these matters lightly. The CompliSpace AML/CTF Program has been developed by our team of legal and industry experts to be quickly tailored to meet the needs of reporting entities in the financial services industry.
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Key features of the CompliSpace AML/CTF Program include:
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 A documented AML/CTF Program (Parts A & B)
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Employee due diligence procedures
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AML/CTF specific training and testing
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Customer acceptance guidelines
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Customer identification guidelines
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Clearly defined links to your organisation's enterprise risk and compliance programs
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A detailed map of your AML/CTF compliance obligations
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CompliSpace’s Compliance Services include:
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Outsource of the AML/CTF Compliance Officer role
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Identification and mapping of AML/CTF designated services
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Facilitating the identification of AML/CTF risks
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Customer identification and verification services
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Conduct of AML/CTF Independent Reviews
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Senior management training to develop an understanding of the AML/CTF process
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CompliSpace leads the market in the provision of simple, comprehensive, value-for-money Corporate Governance programs and services. Contact us to see how we can bring good governance to life in your organisation.
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