A ML/TF risk assessment of your business or organisation that is regularly reviewed and updated.Part A of your program must include the following elements to help you identify, mitigate and manage your risk of being used for money laundering (ML) or terrorism financing (TF). While AUSTRAC does not provide AML/CTF program templates, we do provide guidance resources to help you comply with your legal obligations. This gives you the flexibility to decide how to meet your obligations and to develop stronger and/or additional controls when necessary. You must develop a program that is tailored to meet your specific needs, risks and characteristics. Each reporting entity is different and has its own unique set of money laundering/terrorism financing risks. There is no ‘one-size-fits-all’ AML/CTF program. Part B is focused on the procedures for identifying customers and beneficial owners including those that are politically exposed persons (PEPs), and verifying their identity. Part A must include processes and procedures to help you identify, mitigate and manage the money laundering and terrorism financing risks that you may reasonably face. There are two parts to an AML/CTF program. the foreign jurisdictions with which you deal.This means it must take into account the likely level of risk of your business or organisation being used for money laundering and terrorism financing, based on its size, nature and complexity, taking into account: You must develop and document the policies, procedures and controls you use to identify, mitigate and manage those risks. Your AML/CTF program must show how you address the money laundering and terrorism financing risks your business or organisation may reasonably face.

Aml compliance program requirements