AML/CTF checks

Check sanctions and watch lists across the globe to identify high-risk individuals. Confidently meet your Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) obligations.

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About

fit2work’s complete AML/CTF solution uses a range of comprehensive databases to authenticate individual identity. Real-time risk assessments determine your exposure to financial crime and identity theft, allowing you to take fast action to protect your business.

Our intuitive online platform gives you the convenience of a single centralised place to collect and verify Know Your Customer (KYC) information. Set up auto-generated AML, CTF and sanction list checks for continuous monitoring at whatever level is required by your business. Use our automated workflows to stay on top of compliance regulations. It’s all part of the end-to-end support we offer across the customer and employment lifecycle.

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How to get started

Get the certainty of a reliable screening solution. Add AML and CTF checks to your onboarding and due diligence program to reduce fraud and stay compliant.

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FAQ's

The Anti-Money Laundering (AML), Counter-Terrorism Financing Rules (CTF) and Global Official List (Sanctions) checks assist in identifying the risks associated with individuals due to specific or general involvement with money laundering, terrorism financing, politically exposed persons (PEPs), terrorists and wanted criminals.

In addition to checking global watch lists such as OFAC and DFAT, a fit2work check includes accurate candidate identification. 

AML/CTF and Sanctions List checks are required under AML/CTF legislation in Australia and New Zealand for all organisations in the financial sector, gambling sector and bullion dealers – known as reporting entities. 

If you are a reporting entity, the AML/CTF Act requires you to identify, manage and mitigate your risk of being involved in money laundering or financial terrorism. This includes:

  • Enrolling and/or registering your business with AUSTRAC
  • Customer identification and verification of identity
  • Record keeping
  • Establishing and maintaining an AML/CTF program
  • Ongoing customer due diligence and reporting suspicious matters, threshold transactions and international funds transfer instructions.

Also, reporting entities need to screen their compliance and senior management employees on an ongoing basis.

The AML/CTF Act and its supporting Rules are designed to work together to deter money laundering and terrorism financing. In January 2018, new amendments to AUSTRAC’s AML rules were released to improve people’s understanding of AML/CTF obligations.

Yes, the fit2work platform offers a single centralised place to order, track and manage more than 100 different background checks. It helps business mitigate and manage risk in a changing human resource environment by providing support across the entire employee lifecycle, from initial hiring through to separation.

With seamless integration into your onboarding and due diligence programs, the fit2work platform offers a range of customisable tools to suit your business needs. It’s a fast and easy-to-use service that certifies employees are compliant, up to date and fit to work – all from a single dashboard.
 

Know Your Customer (KYC) regulations require banks and financial institutions to know more about their customer and their risks. This includes complying with procedures like verifying identity, assessing risk and checking if customers are on prohibited lists. The regulations are designed to more accurately pinpoint suspicious activity and keep money laundering and terrorism financing at bay.

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Interested in a packaged solution?

If running individual checks is not enough for your business we offer an integrated solution. Get in touch with us to discuss these solutions or visit our Workforce Mangement Solution website.

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