Investigation & Mitigation of Financial Crime

AUSTRAC mandates that firms implement internal AML/CFT programs with policies and procedures to mitigate financial crime risks, including KYC and customer due diligence (CDD). Suspicious activities must be reported via Suspicious Activity Reports (SARs) to AUSTRAC, and transactions involving $10,000 or more must be reported automatically. Firms are required to maintain AML/CFT records for at least seven years, ensuring their availability to law enforcement agencies upon request.

An AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) program is a set of procedures and policies designed to identify, mitigate, and manage the risk of financial crimes. It ensures compliance with regulatory requirements and helps protect businesses from potential legal and financial penalties. We can support you with our data and tech solutions.

Your AML/CTF program must undergo an independent annual review to maintain its effectiveness and compliance with current regulations and industry standards. Regular reviews are crucial for adapting to evolving threats and requirements. Contact us to explore our automated solutions designed to support and streamline your mandatory compliance efforts.

Continuous monitoring is crucial to ensure ongoing compliance and risk management. It alerts organisations if a customer becomes a Politically Exposed Person (PEP) or appears on any sanctions list. Additionally, it provides updates on key account information, particularly when customer details change, allowing businesses to swiftly address potential risks. We also assist with Transaction Monitoring, a necessary AUSTRAC requirement.

Customers are considered high risk if they are identified as Politically Exposed Persons (PEPs) or appear on the DFAT sanctions list. Additional factors may include the nature of their business activities, geographical location, and transaction patterns. Alerts for suspicious transactions generally expose high risk persons.

Enhanced Customer Due Diligence (ECDD) involves more detailed checks and ongoing monitoring for customers or transactions that pose a higher risk of money laundering or terrorism financing. ECDD is required for high-risk customers, such as PEPs, and in cases where suspicious activities are identified.

If a customer fails the onboarding process, we provide detailed information regarding the failure and the necessary data for the client to investigate further. We also offer supporting data solutions that can be screened or accessed to assess the failure in more depth. Contact us to learn more about our supporting solutions we provide, that unmasks the PII to assist in the onboarding failure.

Generally, most clients have their own triggers or alerts that they want us to monitor and notify them about. However, as a general rule, customers identified as Politically Exposed Persons (PEPs) or those appearing on the DFAT sanctions list would trigger an immediate alert. We have in excess of 20 basic rule alerts that are generally leveraged at a basic and immediate level.

Our automated and investigative solutions simplify this crucial process. Initially, we verify whether your customer is accurately identified as a PEP or is on a sanctions list. Additionally, we ensure adherence to AUSTRAC’s reporting and compliance requirements. Our clients benefit from access to comprehensive data solutions that aid in thorough investigations before any potential customer is flagged and notified to AUSTRAC.

We recognise that every business has unique needs and screens customers using different alert rule sets. Ongoing and transaction monitoring are critical AUSTRAC requirements that we take very seriously. At Global Data, we are committed to providing tailored solutions and are available to discuss and deliver bespoke or customised monitoring solutions to meet your specific requirements.