2.2 Your AML/CTF program and governance

Transcript

Your AML/CTF program is your rulebook. Here's what goes in it, and who's responsible. Your program has two parts: your risk assessment, and the policies, procedures and controls that manage those risks. Your policies set out how you do customer due diligence, how you report to AUSTRAC, how you keep records, and how you check and train your staff. Three roles matter. Your governing body oversees compliance. A senior manager approves your program. And your AML/CTF compliance officer runs it day to day and is your contact with AUSTRAC. In a small business, these can all be the same person. Tell AUSTRAC who your compliance officer is, through AUSTRAC Online. You don't have to start from a blank page. AUSTRAC publishes starter programs you can adapt, or you can build your own. Either way, it has to match how your business really works. Quick recap. Your program is your risk assessment plus your policies and controls. A senior manager approves it, your governing body oversees it, and your compliance officer runs it. And let AUSTRAC know who your compliance officer is. Next up: customer due diligence.