At IPAY, we are fully committed to upholding the highest standards of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations in accordance with Australian law. Our operations strictly comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
We implement robust policies and procedures designed to detect and prevent money laundering and terrorism financing, ensuring our services are not misused for illicit purposes. Our commitment to AML/CTF compliance is reflected in the following practices:
To prevent financial crime, we conduct Customer Due Diligence (CDD) on all customers, which includes verifying their identity and understanding the nature of their transactions. This process ensures that we only engage with legitimate customers, mitigating the risk of financial crimes.
Key CDD Procedures:We adopt a Risk-Based Approach (RBA) to evaluate and manage the risk of money laundering and terrorism financing across all our customer interactions. By analyzing factors such as the nature of transactions, geographic location, and customer profiles, we apply proportionate measures to effectively mitigate potential risks.
We continuously monitor all transactions to detect and report suspicious activities. If any unusual or potentially illicit transactions are identified, we promptly file Suspicious Transaction Reports (STRs) with AUSTRAC.
In line with AUSTRAC regulations, we retain customer records and transaction details for a minimum of seven years after the completion of the transaction or the end of the customer relationship. This ensures that all records are available for inspection by regulatory authorities or law enforcement when needed.
At IPAY, we prioritize the ongoing education of our employees to ensure they are well-equipped to detect suspicious activities and understand their AML/CTF obligations. Our training program includes:
To ensure the effectiveness of our AML/CTF compliance measures, we regularly conduct independent audits of our policies, systems, and controls. These audits help us identify areas for improvement, ensuring we maintain the highest standards of financial integrity.
In addition to suspicious transaction reporting, we comply with other AUSTRAC requirements, including the reporting of:
Through these practices, IPAY remains dedicated to ensuring that we operate in full compliance with Australia’s AML/CTF laws and contribute to the global fight against financial crime.
Commitment to Financial Integrity
By adhering to these comprehensive AML/CTF measures, IPAY ensures the highest level of security and compliance, fostering trust among our customers and safeguarding the financial system from exploitation. Our compliance program supports not only Australian regulations but also contributes to maintaining global financial integrity.
To access our full AML / CTF and CDD programs, you can email us at [email protected]