Services

Consulting & Advisory

We work with you to implement an effective AML/CTF risk assessment and Program, including policies, procedures and controls that are tailored and functional to your business. Or provide a template AML/CTF Program, including a risk assessment and a user guide so you can tailor it to your business.

At One AML, we understand that each organisation faces unique challenges and requires specific, ad-hoc AML advice to effectively manage these risks. Talk to us today.

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Consult

Bespoke AML/CTF program including risk assessment.

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Advisory

Ad hoc AML advice.

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Bespoke AML/CTF program including risk assessment and video guide for implementation into your business.

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Advisory +

AML hot line, AML advice, and an annual update to your AML/CTF program including risk assessment.

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Premium Consult Premium

Bespoke AML/CTF program including risk assessment, SAR, training, vetting, reporting registers and a video guide or personal walkthrough for implementation in your business.

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Advisory Premium

AML hot line, AML advice, and an annual update to your AML/CTF program including risk assessment. Tailored in-person or team AML training. Regulator and industry updates via news letter.

Consultancy Packages

Consult
POA

Bespoke AML/CTF program including risk assessment.

  • AML program
  • Risk assessment
Consult +
POA

Bespoke AML/CTF program including risk assessment and video guide for implementation into your business.

  • AML program
  • Risk assessment
  • Video walkthrough
Consult Premium
POA

Bespoke AML/CTF program including risk assessment, SAR, training, vetting, reporting registers and a video guide or personal walkthrough for implementation in your business.

  • AML program
  • Risk Assessment
  • Virtual consult
  • Video walkthrough
  • Registers SMR, IFTI/TTR, Vetting, Training and Others

Advisory Packages

Advisory
POA

Ad hoc AML/CTF advice.

  • Hotline
  • Dedicated hours per month
  • Basic advice
Advisory +
POA

AML hot line, AML advice, and an annual update to your AML/CTF program including risk assessment.

  • Hotline
  • Complex advice
  • Complex KYC due diligence
  • Yearly update of program
  • AML training
Advisory Premium
POA

AML hot line, AML advice, and an annual update to your AML/CTF program including risk assessment. Tailored in-person or team AML training. Regulator and industry updates via news letter.

  • Hotline
  • AUSTRAC registration assistance
  • Complex advice
  • Yearly update of program
  • Quarterly update of regulatory updates
  • AML training
  • Virtual AMLCO advice
  • Other

We’re qualified to consult for all Phase 1 and 2 reporting entities across Australia.

Accounting

The easy access and wide geographic spread of accounting services, coupled with accountants' gatekeeper role and use in every phase of ML/TF.

Financial Services

Domestic and international evidence suggests that financial institutions are vulnerable to ML/TF. The Act. and regulations place obligations on Australian financial institutions to detect and deter ML/TF.

Law

The easy access and wide geographic spread of legal services, coupled with lawyers’ gatekeeper role and use in every phase of ML/TF.

Other Captured Sectors

Other industries that are widely spread and easy to access by ML. The nature of these industries lends itself to all stages of ML/TF.

Real Estate

The use of real estate in ML/TF is well-known and demonstrable. FIU research indicates real estate is the ML asset of choice.

Virtual Assets / Crypto

The easy access and wide geographic spread of VASP services, coupled with their pseudo-anonymous nature and use in every phase of ML/TF.

Consulting & Advisory FAQ

What is the AML CTF regime?
The AML/CTF regime is central to Australia's efforts to prevent criminals from profiting from their unlawful activity and to prevent funds from reaching terrorist organisations.
What is AML/CTF?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) place responsibilities on Australian entities that provide any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services to detect and deter money laundering and terrorism financing. The Act ensures that businesses take appropriate and efficient steps to ensure that their clients are not money laundering and terrorism financing while contributing to public confidence in the Australian financial system.
What is a ML/TF risk assessment?
A Risk Assessment is a Reporting Entity’s foundational document which assesses the risks and vulnerabilities of being exposed to money laundering or terrorist financing.
What is a AML/CTF Program(s)?
A Reporting Entity’s Programs must be based on the risks assessed in its Risk Assessment and must set out internal policies, procedures and controls which will manage and mitigate money laundering and terrorist financing. There are three types of AML/CTF Programs: ‍ Standard program – applies to individual reporting entities; Joint program – applies to reporting entities that are members of a “designated business group”; and Special program – applies only to holders of an Australian Financial Services License (AFSL) offering a particular kind of designated service. ‍ AML/CTF Programs have two key parts: Part A, relating to the identification, management and reduction of the risk of ML/TF (not required for a special program); and Part B, relating to customer identification and verification procedures i.e KYC.
How often should independent reviews be done?
You must decide how often reviews are done. How you decide depends on: ‍ • The size of your business or organisation. • What kind of business or organisation you have. • How complex your business or organisation is. • Your level of money laundering/terrorism financing risk. ‍ High-risk organisations should have independent reviews done at least every two to three years.
What is the AML/CTF Act?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) place responsibilities on Australian entities that provide any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services to detect and deter money laundering and terrorism financing. The Act ensures that businesses take appropriate and efficient steps to ensure that their clients are not money laundering and terrorism financing while contributing to public confidence in the Australian financial system.
What are the AML/CTF Rules?
The AML/CTF Rules are subsidiary legislative instruments made under the AML/CTF Act. The AML/CTF Rules provide the detail for the broader obligations set out in the AML/CTF Act. Their official title is the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).
What is the tranche 2 legislation?
Since 2007, Tranche 2 of the legislation has been under consideration, which would expand the entities required to comply with AML/CTF obligations to include real estate agents, lawyers, book-keepers, accountants, and trust/company service providers (also known as gatekeepers).
What is the AML CTF reform in Australia?
The Attorney-General has announced a public consultation regarding proposed anti-money laundering and counter-terrorism financing (AML/CTF) regime reforms in Australia. The objective of the proposed reforms is to ensure that the regime conforms to international standards. industry can enhance their understanding of their obligations and compliance.
What are the key obligations my business must adhere to under Tranche 2?
As a reporting entity, your business will be required to implement risk management programs to identify and mitigate potential money laundering and terrorist financing risks. This includes conducting customer due diligence (CDD) on clients, monitoring transactions and client behaviour for suspicious activities, and reporting any suspicious matters to AUSTRAC.
Where can I find more information to help my business comply with Tranche 2?
To better understand and fulfil your obligations under Tranche 2, you can refer to official guidance from AUSTRAC, engage in industry-specific training, and seek advice from legal or financial professionals with expertise in AML/CTF compliance. One AML can also help you understand and meet your AML/CFT obligations. We provide robust, cost-effective, and seamless solutions. Get in touch with us today.
Are there any opportunities for my business in adhering to Tranche 2 AML laws?
There are opportunities for your business to showcase its commitment to compliance and ethical practices. By diligently following the regulations, you can enhance your reputation as a trustworthy partner for your clients, reducing the risks associated with money laundering and terrorist financing activities.
Consultancy Question 2
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Consultancy Question 1
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How will Tranche 2 affect accountants?
Tranche 2 will require accountants to be more vigilant in their dealings with clients engaged in financial transactions susceptible to money laundering. You will need to perform detailed assessments of your client's activities and keep a close eye on any unusual or large transactions. Additional training and software tools may be necessary to meet compliance requirements.
What changes will Tranche 2 bring for lawyers and conveyancers?
Lawyers and conveyancers will need to play a more active role in identifying and preventing money laundering and terrorist financing. You will have to conduct comprehensive client due diligence, particularly for high-value transactions, and report any suspicious activities to AUSTRAC.
How will Tranche 2 affect real estate professionals?
Real estate professionals will face increased scrutiny in their transactions. You will need to conduct thorough checks on buyers and sellers, verify their identities, and assess the nature of the transactions more diligently. This may lead to longer transaction times and additional administrative burdens.