Throughout 2020 we saw a number of key areas where businesses could improve their anti-money laundering and counter-terrorism financing (AML/CTF) compliance.

To help you review and strengthen your AML/CTF program, systems and controls, we’ve developed five new regulatory guides.

These guides cover key areas of AML/CTF compliance identified through our regulatory activity during 2020. Using the guides will help you continue to meet your AML/CTF compliance obligations and protect your business.

Governance: board and senior management oversight

Boards and senior management must lead a positive, organisation-wide AML/CTF compliance culture in your business. Find out why it’s crucial for senior leadership to be involved in all activities that could impact AML/CTF compliance to ensure risks are understood, mitigated and managed.

Download the Governance: board and senior management oversight regulatory guide. (PDF, 167KB)

Money laundering/terrorism financing risk assessments

Regular reviews of your ML/TF risk assessment are essential to complying with your AML/CTF obligations. This quick guide underlines the need to respond promptly to the latest advice about new and emerging risks and to review your business’ risk assessments on an ongoing basis to ensure your systems and controls remain appropriate.

Download the Money laundering/terrorism financing risk assessments regulatory guide. (PDF, 169KB)

Ongoing customer due diligence

Ongoing customer due diligence helps to protect your business and the community from serious and organised crime. Understand how your transaction monitoring program must operate to help you identify suspicious activity, and to support enhanced customer due diligence.

Download the Ongoing customer due diligence regulatory guide. (PDF, 169KB)

International Funds Transfer Instructions (IFTIs) reporting

IFTI reporting continues to be a key area of vulnerability for businesses. This quick guide highlights the importance of ensuring your IFTI reports are complete, accurate and timely, and that systems are in place to ensure reporting is not interrupted if there are changes to your systems or processes.

Download the International Funds Transfer Instructions (IFTIs) reporting regulatory guide. (PDF, 122KB)

Correspondent banking relationships

A lack of due diligence on correspondent banks can expose your business and result in breaches of your obligations. Find out more about how to manage the risks involved with correspondent banking relationship.

Download the Correspondent banking relationships regulatory guide. (PDF, 110KB)