The Australian Transaction Reports and Analysis Center (AUSTRAC) has issued new guidance for businesses that choose to hire an AML/CFT advisor.
According to AUSTRAC, potential victims of financial crimes are also the first line of defense in combating them. Businesses may choose to hire an advisor specializing in AML/CFT to help them understand and fulfill their obligations. This decision usually depends on the nature and size of a business as well as the level of ML/TF risk it may face.
AML/CFT advisory services include advising on the ML/TF risks facing an industry and the AML/CFT obligations that the business must fulfill. These specialist services also help in conducting a ML/TF risk assessment of the hiring company and creating a customized AML/CFT program for it. Training the company’s staff on AML/CFT issues and conducting an independent review of the entity’s AML/CFT program are some additional services in this area.
AUSTRAC has emphasized the importance of choosing the right AML/CFT advisor, should a company opt to do so. The authority’s guidance also discusses specific factors that one must assess before hiring an AML/CFT advisor. The advisor must be adequately qualified and experienced and fit the business well. The advisor should also be able to clearly explain the services they will be providing to the business. It is also important to know the extent to which the advisor will help the business in meeting its AML/CFT obligations.