This topic will help you gain a general understanding of the Anti-money Laundering and Counter Terrorism Financing Act (AML/CTF Act). The legislation is complex, so only key compliance matters are covered.

The governance obligations are covered in a separate topic, AML/CTF Governance, which should be read in conjunction with this topic.

As this is a very detailed topic, we suggest you progress through it in stages.

The lessons cover:

1.      Overview – The Background

2.      The AML/CTF Compliance Program – Your Obligations

3.      Customer Due Diligence – Initial, Ongoing and Enhanced

4.      Beneficial Owners

5.      Politically Exposed Persons

6.     Suspicious Matters Reporting

7.     Employee Due Diligence Program

8.    Training Obligations

9.    Reporting

10.   Record-keeping

11.   Non-compliance – The Consequences

This is a high level overview only. It cannot be taken as legal advice.