AML Questions & Answers

How will anyone know if I don't become compliant?

If you are broker, it is likely that lenders or other providers of "designated services" will be seeking evidence of your compliance as part of their supplier or partner due diligence or as a requirement of their agency agreement. Also, any broker referred transaction or client will at some stage come into contact with the financial system and queries will be made of the transaction or client's introduction into the system. In addition, AUSTRAC have indicated that they will be undertaking a very rigorous enforcement program and will actively be looking for non-compliance. They will also require impacted parties to self report the status of their AML program on an annual basis.