Omega Legal assists clients in meeting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in a strategic and cost-effective way. We are experienced in assisting digital currency exchange, foreign exchange and remittance service (money transfer) providers with their compliance obligations under the AML/CTF Act and Rules.
AML/CTF laws can be complex and daunting particularly for those who are unsure of what obligations, if any, they may have. We can answer any queries you have about your obligations, this includes advising on whether your business is captured by the AML/CTF Act, and how best to be compliant.
We offer fixed fees packages for AML/CTF programs and independent reviews. Contact us for a quote today.
Is your business compliant?
We advise clients in the payment sector on their AML/CTF obligations. If your business provides digital currency exchange, foreign exchange and/or remittance services, we are here to offer you guidance and practical advice on AML/CTF obligations specific to your industry.
AML/CTF program development
Operating a business captured under the AML/CTF Act, without an appropriate AML/CTF program is considered a serious breach and heavy penalties may apply. We can tailor
a program to your business needs and help you be compliant.
Independent Reviews
Regular independent reviews of your AML/CTF program are required under the AML/CTF Act and Rules. If you have not had your program reviewed in more than a year or have made changes to your business, contact us to arrange an independent review.
reporting obligations
It is beneficial to seek professional advice about your reporting obligations whenever you are unsure to avoid potential non-compliance with the AML/CTF Act and Rules.
Privacy policy
As part of your obligations to conduct customer due diligence, we can develop a privacy policy for your business that is compliant with the Australian Privacy Principles.
Other Compliance services
Commercial arrangements
We can assist with drafting, reviewing and negotiating contracts to support new commercial arrangements you may wish to enter with another business.
AML/CTF training materials
As part of your obligation to have a risk awareness training program, we can develop and provide appropriate AML/CTF training for you and/or staff.
Exemption/modification applications
The AML/CTF Act allows a reporting entity to seek an application to modify or be exempted from certain obligations. We can prepare an application that addresses all requirements on your behalf.
legal-sense check of your website
All public information about your business and its services can be reviewed by regulators, not only the customers you wish to attract. It is a good idea to have a legal-sense check of your business’ website and other marketing materials.