Money laundering is a risk that can happen to organisations in various fields, particularly financial institutions. Although most organisations take steps to prevent it from happening, it still poses a significant risk when anti-money laundering frameworks are not robust.
This form of financial crime is more prevalent among larger companies with more employees, suppliers, and third-party involvement. Meanwhile, smaller companies are also at risk from their lack of resources in implementing strong policies that enable them to mitigate the risk of money laundering.
Olvera Advisors offers a full range of anti-money laundering services, from designing AML and CTF risk assessments and compliance programs to working on audits and training. Our specialist anti-money laundering service has helped countless businesses and financial institutions minimise risks from criminal activity.
As legal experts, our team will work with you to ensure your organisation meets your risk and compliance obligations. This includes monitoring suspicious activity effectively and knowing your customers and any potential hazards inside and out.
AML compliance services is suited for businesses with one or more of the following concerns
Olvera’s Anti-Money Laundering Compliance Services include
Conducting organisation investigation to identify and assess the extent of any risks that may be present, taking into account new technologies, identity fraud, and overseas trends.
Conducting AML/CFT independent reviews for regulated institutions to ensure they comply with their independent review requirements under the AML/CTF Act. Olvera Advisors will also help clients respond to any irregularities raised by AUSTRAC and assist clients with their preparations.
Undertaking politically exposed person (PEP) screening to ensure businesses can assist customers under high scrutiny while keeping to their compliance obligations.
Monitoring news and media releases to help institutions track the press regarding both individuals and entities.
Olvera Advisors are experienced Know Your Customer (KYC) specialists, providing financial institutions with detailed analysis to build a profile of an individual customer or entity.
Our team of specialist advisors are dedicated to providing expert guidance and personalised solutions for your business.
Robyn’s inclusion in the Olvera team brings an added 15 years of expertise in corporate reconstruction, insolvency, and forensics.
Get answers to common questions about Anti-Money Laundering Compliance.
Anti-money laundering compliance involves implementing processes, policies, and controls to detect, prevent, and report any suspicious financial activities in a company that indicates money laundering or terrorist financing. It ensures companies follow legal requirements as stated under government laws to follow good corporate practices.
AML regulations typically apply to financial institutions, banks, credit unions, insurance companies, and other entities that handle financial transactions. Even non-financial businesses, like real estate, law firms, and luxury goods sellers, may also be subject to AML regulations.
During an anti-money laundering compliance program, the investigator may conduct the following initiatives:
Know Your Customer (KYC) programs involve verifying a customer’s identity to confirm they are who they say they are. This process is done especially in financial institutions, where customer identity is crucial in all transitions. KYC is a crucial part of anti-money laundering compliance to prevent fraudulent transactions and identify suspicious activity early.
Non-compliance can lead to severe penalties, including legal fines, loss of business licenses, loss of stakeholder confidence, and serious reputational damage. In some cases, individuals in the company that is responsible for AML failures may face criminal charges.
Risk management adopts a risk-based approach to AML compliance. It involves assessing and prioritising potential risks related to money laundering within an organisation and directing necessary resources to the highest-risk areas.
Anti-money laundering training should be conducted at least annually. However, some companies with high staff turnover may require more. It should also be conducted whenever there are updates to AML laws, policies, or procedures to ensure all employees understand the latest compliance requirements and procedures.
Anti-money laundering records, such as customer identification and transaction records, are generally required to be kept for five years after the end of the customer relationship or the completion of the transaction.
Companies can improve their anti-money laundering compliance by engaging in an independent party like Olvera to improve the existing processes. Our team can implement a robust AML process by:
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We also extend our acknowledgment to the Stolen Generations and reaffirm our commitment to supporting them on their journey toward healing.
