Services - Forensic Services
Anti Money Laundering
The number of businesses and professions which are subject to Anti-Money Laundering legislation will only increase, as will the number of criminal offence transactions subject to the legislation, such as those under the proposed Federal Anti-Corruption Watch Dog.
Phase one of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) applies to designated services, including the financial services, bullion, gambling, and digital currency exchange sectors.
The Australian Senate’s Legal and Constitutional Affairs Committee Report released on 30 March 2022 has made a number of recommendations to extend the legislation to Phase 2, the “so called” Gatekeeper professions, accountants, lawyers, real estate agents and dealer of high-end assets i.e. car and yacht brokers, and trustee service providers.
Failure to maintain effective AML/CTF systems may result in unintentional support of criminal activity including tax evasion resulting in financial penalties, and reputational damage.
How we can help
Olvera AML (“Close Link”) Programme helps clients understand how the legislation applies to them and how their organisations systems could be exploited.
We work with our specialist partners and clients to identify, manage and mitigate their AML/CTF risks.
Our services include:
- AML/CTF risk assessments and awareness training programmes
- AML/CTF programme designs approval and implemenation
- Employee due diligence programmes; and
- Independent reviews of the AML/CTF program
