Developing Your AML/CFT Programme

Aim: To give an overview of the minimum requirements of an AML/CFT Programme for reporting entities that have AML/CFT obligations under The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act).

Outcome: Reporting entities will be able to produce an AML/CFT Programme that is compliant with their AML/CFT obligations under the Act.

Abstract: The Act requires compliance if you have AML/CFT Act obligations. A reporting entity must establish and maintain an AML/CFT Programme to detect money laundering (ML) and the financing of terrorism (FT), and manage and mitigate the risk of ML and FT. A comprehensive AML/CFT Programme is a combination of adequate, effective and sufficiently robust policies, procedures and controls to reasonably address any ML/FT risks you identified in your risk assessment.