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FAQs - Practical Compliance for Small Firms
How do I get started with AML compliance?
Start by learning what the new Tranche 2 laws require and whether your services are covered. Once you know you’re in scope, begin building your AML/CTF program, this means writing down how you’ll assess risk, collecting data, conducting a FWRA (firmwide risk assessment), training your AMLCO, wider staff training, client checks, and report to AUSTRAC.
Companies like AML Sorted can guide you through each step and help you get ready before the laws start.
What are the first things I need to do in respect of AML Compliance?
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Commence your Data Collection: We have a FREE Data Collection Tool HERE.
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Do a Risk Assessment: Identify where and how your firm could be exposed to money-laundering or terrorism-financing risk.
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Appoint a Compliance Officer: This person will oversee your AML/CTF program.
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Create your AML/CTF Program: A written plan showing how you’ll meet your obligations (including client checks, training and reporting).
Can I outsource AML compliance?
Yes. You can use external experts to help design or maintain your AML/CTF program, train staff, or even act as your outsourced Compliance Officer. You still remain responsible for meeting your obligations, but outsourcing can save time and ensure everything’s done properly.
You can outsource much of your AML/CTF compliance to us (apart from the AMLCO role, although we can heavily support the AMLCO).
Do I need expensive software to comply with AML Compliance?
No. For most small firms, you don’t need costly systems to meet your obligations. Good record-keeping, clear procedures and the right advice are more important.
Tools like AML Sorted’s free data collection tool can make compliance much simpler without extra expense.
What if I can’t afford a Compliance Officer?
You must have someone responsible for compliance, but it doesn’t need to be a full-time role. In a small firm, the principal or practice manager can take it on, or you can appoint an external professional to fill that role part-time.