AML/CTF
Programs

If you are a reporting entity, you must have an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program specifying how you comply with AML/CTF legislation. This requirement will soon be expanded to cover lawyers, accountants, conveyancers, and trust and company service providers when they prepare or carry out transactions for clients.

Setting up an AML/CTF Program for the first time can be complex and time consuming, and once that’s done, finding an experienced and commercially minded provider for your Independent Review is often just as difficult. Fear not, we have you covered.

— Scott Martin, Head of Compliance

What are the AML/CTF requirements?

If you provide a ‘designated service’ - which fundamentally is any service that involves transacting assets with, or on behalf of, clients - you will need an AML/CTF program.

That program is a regulatory document with very specific content requirements - it is made up of a part A, and a Part B. Part A is required to be independently reviewed at least every two years.

There are also ongoing requirements which require policies, procedures, and monitoring, all of which must be reported to, and signed off by the board and senior management.

Why use AB?

Our team have experience in implementing AML/CTF Programs ranging back to when the AML/CTF Act was introduced in 2006 and have a deep understanding of the AML/CTF regulatory framework and your legal obligations. Most importantly, we apply our commercial approach to ensure that your AML approach is consistent with your business approach.

When it comes to AML, finding a provider with a commercial approach is essential. Both in the establishment or review of your program, the wrong provider can create unnecessary obstacles and expenses your business. At AB, we are focused on finding the perfect balance between regulatory compliance and business objectives.

What could it cost?

For establishment or review of an AML Program under normal circumstances, we have a fixed base fee of $9,500. Depending on the size/complexity of your business, and any unusual circumstances, pricing can still vary however, where that’s the case, we will provide a tailored estimate and are happy to discuss fixed fee arrangements.

Next Steps?

If you’d like to discuss further, please just send us an email using the button below. We are happy to have a free 30-minute chat with you without any further obligation.

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