With money laundering and terrorism financing becoming a more and more widespread around the world today the necessity of conducting Anti-Money Laundering due diligence checks are very important for any business. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) covers the financial sector, gambling sector, bullion dealers and other professionals or businesses that provide services covered by the Act.
The AML/CTF Act is part of a legislative package which brings Australia into line with international best practice to deter money laundering and terrorism financing. InfoTrack’s Anti-Money Laundering Search ensures that whomever you are dealing with has not been recorded as having laundered any money in accordance with the Anti-Money Laundering (AML) and Counter-Terrorism Act 2006.
Knowing your clients can be the key to the successful running of your business and so on-going customer due diligence is critical in weeding out suspicious behaviour to decrease business risk.
View our latest blog post - KYC is good for business, not just for meeting AML/CTF obligations.