Money laundering, terrorism financing are significant risks faced by financial services so having a robust Anti-Money Laundering (AML) program in place is crucial. According to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), it is mandatory for all designated services in Table 1 (below) to have an AML program. However, there are differences between a standard AML program and one designed specifically for financial advisers.
Table 1 — Financial services
|Item||Provision of a designated service||Customer of the designated service|
|54||in the capacity of holder of an Australian financial services licence, making arrangements for a person to receive a designated service (other than a service covered by this item)||the person|
At One Click Verify, we understand the importance of AML programs for financial advisers. Our AML program is specifically designed for financial services and addresses the unique risks and challenges faced by financial advisers. Our program includes policies and procedures that ensure compliance with the AML/CTF Act and mitigate the risks associated with money laundering and terrorism financing.
One of the key differences between a standard AML program and one designed for financial advisers is that the latter is more specific to the financial services industry. Financial advisers have unique risks and challenges when it comes to money laundering and terrorism financing.
Financial advisers must have a client identification and verification process that meets the requirements set out in the AML/CTF Act. This means that they must verify the identity of their clients before providing any services to them.
Additionally, financial advisers must manage the risks associated with international transactions, including monitoring transactions involving high-risk countries and conducting appropriate due diligence. Financial advisers must conduct ongoing monitoring of their clients and report any suspicious transactions to AUSTRAC.
Failure to comply with the AML/CTF Act can result in significant fines and legal penalties. By having a specialised AML program in place, financial advisers can ensure that they are meeting their compliance obligations and avoiding any legal or reputational damage.
At One Click Verify, we have designed our AML program to meet the specific needs of financial advisers. Our modular program includes client identification and verification, ongoing monitoring, and reporting of suspicious transactions, as well as policies and procedures to manage the risk associated with international transactions. Our program ensures that financial advisers are meeting their compliance obligations and protecting themselves from potential legal and reputational damage.
Having a specialised AML program is essential for financial advisers. The risks associated with money laundering and terrorism financing in the financial services industry are unique, and a standard AML program may not be sufficient to address them adequately.
One Click Verify’s specialised program is designed to address these risks and ensure compliance with the AML/CTF Act. By choosing One Click Verify, financial advisers can have peace of mind knowing that they are adequately protecting themselves and their clients from the risks of money laundering and terrorism financing.