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how identify regulatory changes that affect the aml/ctf program?
Hi Linda,
Thank you your question. It is understandably difficult to keep up with all the regulatory changes that will affect your AML/CTF program. In addition to changes in the law, and the rules, AUSTRAC regularly releases guidance and legal interpretations that can affect your program. You also need to remember to keep your risk assessments up to date.
We offer a tailored monthly regulatory update service that you can use to keep up to date with the law, the rules and feedback from AUSTRAC. This is an interactive service that tells you when there is a change and where relevant will include a compliance tip that you need to consider updating your program.
Please feel free to contact our Financial Services Team if you require any further information or more detailed advice.
Author: Andrew Ham (Senior Lawyer)
Co-contributor: Joanne Lee (Law Clerk)
Our new Sydney office on Martin Place just launched today!! We are very excited about this opportunity to service our Sydney clients.
Hi Andrew,
Thank you for your help.
Regard
how we are alerted to changes in specifications for products and services offered by the company
and how to assess the effectiveness of each of the controls
Hi Linda,
We have responded to your last two questions in turn:
- Details of our products and services are available on our website. We regularly update our website to address any changes relating to these products and services.
- Designated service providers have an obligation to include procedures in their AML/CTF programs to identify their AML/CTF risks, the significance of those risks and the effectiveness of the controls in place to manage them.
Please feel free to contact us to see if we can provide you with assistance in assessing the controls in your program.
Author: Andrew Ham
