Aspects of many Australian industry sectors are identified as being attractive to criminals wanting to launder the proceeds of crime and to finance terrorism.
Buying and selling high-value assets such as bullion is attractive for criminals because such transactions can avoid interaction with the financial sector.
Assets of this type assets may be easily hidden and can be transferred to third parties with limited documentation.
Criminals may buy such goods with cash (that is, physical currency) and give them to other parties to avoid detection.
Bullion dealers may also have become more attractive to criminals over the past few years as the financial sector has implemented comprehensive AML/CTF measures.
The Money Laundering and Terrorist Financing (ML/TF) risks associated with the bullion dealers sector include:
Bullion dealers captured by the AML/CTF obligations must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with AML/CTF laws.
Trust and Company Service Providers (TCSPs) can take different forms, but generally assist in the creation, operation and management of corporate and trust structures.
The services offered by TCSPs operate as a gateway to property and financial markets, financial institutions and other regulated professionals. These can be misused by criminals to disguise beneficial ownership, conceal the origins and purposes of financial transactions, facilitate tax evasion and, ultimately, launder the proceeds of crime, as well as, where complex structures are established, create distance between criminal entities and their illicit wealth.
The Money Laundering and Terrorist Financing (ML/TF) risks associated with the motor and boat dealer industry include:
Trust and company service providers captured by the AML/CTF obligations must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with AML/CTF laws.
Our expertise covers all AML/CTF disciplines and brings unique perspectives, approaches and solutions to the AML/CTF challenges faced by Australian businesses
Our AML/CTF compliance knowledge includes working with many types of Australian businesses and we understand what compliance means for your business
We have experience in delivering workable AML/CTF compliance to many industry sectors, each with their own unique challenges
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CTF for many decades
We have experience in providing tried and tested AML/CTF solutions, regardless of the size and complexity of your business
Our AML/CTF compliance solutions are flexible and can be tailored to your capacity, experience and budget
I really enjoyed the day and was very impressed by your product. I walked away with a better appreciation of the AML risk factors in our business and how they can be mitigated.
Thank you for conducting an informative, comprehensive and surprisingly entertaining AML/CTF workshop. Knowing that we have the support of the Initialism team gives us an exceptional degree of confidence that we will be meeting and exceeding regulatory expectations moving forward.