Money Laundering Regulatory Compliance: Requirements for Regulated Companies in Australia
Money Laundering Overview
What is money laundering?
It is when someone engages in acts designed to conceal or disguise the true origins of criminally derived process. Money laundering can facilitate crimes such as fraud, tax evasion, drug trafficking and terrorism.
What is its purpose?
To make illegally obtained funds appear legitimate. Any involvement in a transaction that seeks to conceal or disguise the nature, location, source, ownership or controls of such proceeds may constitute money laundering.
Why is it important?
Money laundering regulations and related risk requirements require TreviPay to implement customer due diligence and other onboarding requirements when establishing a client or customer relationship.
What does this mean as a potential client or customer of TreviPay?
All new clients and customers must be prepared to provide the required information and documentation noted in the onboarding application. This is done to satisfy regulatory expectations and manage TreviPay’s credit and fraud risk requirements.
What documentation is required?
ASIC Registration
TreviPay will validate application information provided against your current ASIC registration including proper registration of business trade names.
Credit & Underwriting
TreviPay will validate data such as company name, tax IDs, business registration and authorized signer identification.
Fraud Red Flags
Fraud risk controls also help protect the client and customer by identifying fraudulent companies or company impersonation. Elements reviewed include websites, IP addresses, emails and digital footprints.
Owner & Control Persons
TreviPay must validate certain identifying information for more than 25% direct or indirect owners.
Government-issued ID/Passport
Subject to local regulations and TreviPay requirements, an ID or ID details may be required.
Payments from Bank Accounts
TreviPay will collect a current bank statement or voided cheque to validate your payment bank account matches the applicant’s business name.
How do I avoid application approval delays?
Disclaimer
Multi Service Pty Ltd trading as TreviPay (“TreviPay”) is a registered independent remittance dealer on the AUSTRAC Remittance Section Register and is registered with AUSTRAC under the Anti-Money Laundering/Counter Terrorism Financing Act 2006 and Anti-Money Laundering/Counter Terrorism Financing Rules 2007. TreviPay’s AUSTRAC registration number is 100584550.
TreviPay’s AUSTRAC registration subjects it to ongoing oversight by AUSTRAC including strict client and customer account registration and onboarding compliance requirements in order to operate in Australia.
All information collected is subjected to strict recordkeeping, data retention, and privacy standards.