AUSTRAC Compliance

Fenergo combines intelligent regulatory rules logic with centralized client and counterparty data, enabling financial institutions to efficiently comply with Australia’s AML legislation.

AUSTRAC Overview

AUSTRAC issued the AML CTF Act in 2006 which requires reporting entities to verify a customer's identity before providing a designated service to the customer. The AML CTF Rules sets out the minimum customer identification information, and information about beneficial owners, which reporting entities must obtain and verify. Reporting entities are also required to identify and declare whether a customer or the beneficial owner of a customer is a 'politically exposed person' (PEP).

Rules-Driven Approach Required to Comply with AUSTRAC

AUSTRAC compliance creates significant operational challenges for financial organizations tasked with efficient onboarding and client lifecycle management. Covered financial institutions must ensure they comply with the AML CTF Act or face severe financial and reputational penalties. In order to improve time to revenue and enhance the client experience, banks must adopt a rigorous rules-driven AML process capable of delivering consistent compliance throughout the client lifecycle.

Simplifying AUSTRAC Compliance

Fenergo’s rules-driven Anti-Money Laundering and Regulatory Rules Engine compliance solutions are uniquely designed to protect your financial organization against AUSTRAC regulations. We deliver a unified Client Lifecycle Management solution, comprised of Client & Counterparty Data Management, AML / KYC / Tax & Regulatory Compliance. The Fenergo platform provides sophisticated client & account-related workflows, which significantly reduces client onboarding and operational time and costs.