MLR3C8050 - Compliance visit tests: Introduction

Officer’s evaluation of how effective the AML/CTF policies, controls and procedures are will be determined by:

  • the degree to which the AML/CTF controls within the business have improved
  • risk assessment of customers, geographical are operated in, products or services, transactions and how services or goods are delivered
  • policies procedures and risk sensitive controls to counter Money Laundering/and Terrorist Financing
  • policies, controls and procedures to identify and report suspicious activity
  • adoption of simplified procedures where appropriate

The business success or failure in meeting these fundamental objectives will be evaluated by undertaking a range of tests during a compliance visit.