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Across Australia and the Asia Pacific professional services rely on common standards of practice within their respective industries to maintain best-practice and legal protocols.  Some businesses are required to update and comply with these types of compliances yearly even quarterly to enable their insurances and in some cases legalities to continue to run.  

Offering a range of Compliance services, Capstone have unique experience and certifications in the following Compliance

AML/CTF     Human Trafficking     ISO Certifications     APRA/MAS



Australia's AML/CTF regime was implemented to address the threats that money laundering and terrorism financing (ML/TF) pose to national security and the integrity of key sectors of the economy, and to bring Australia into compliance with international AML/CTF standards developed by the Financial Action Task Force (FATF). 
The obligations under the AML/CTF Act are obligatory for organisations that provide "designated services" (such as financial services providers; banks; building societies; credit unions; superannuation funds; and the gambling industry) and are described as "reporting entities".

Modern Slavery

The past few years has seen stricter controls over business stewardship around financial and supply chains.  After the previous decade in Australia, which saw a collection of Royal commissions into the banking sector and the Modern Slavery Act (2018) (combatting serious forms of exploitation, including forced labour, debt bondage, human trafficking, and slavery), businesses must remain vigilant across the breadth and width of their practice nationally and internationally.   

If your business does not reach the $100 million obligatory compliance requirements your business may still voluntarily submit a modern slavery statement (report).  This statement provides the business with a stronger emphasis on Corporate Social Responsibility, especially if one is working in high-risk environments.  Overall this would have a positive impact on one’s business both in reputation, improved commercial relations and legalities.  These reports are seen as binding by the Home Affairs Minister and companies should understand and consider resources when doing so.

In the Australian environment, the following is considered an offence under the Criminal Code, with each offence carrying varying degrees of penalty, including four to twenty-five years imprisonment 

-          Slavery

-          Servitude 

-          Forced labour

-          Deceptive recruiting for labour or service 

-          Forced marriage 

-          Trafficking in persons 

-          Domestic trafficking 

-          Child trafficking

-          Debt bondage

ISO Certifications

The internationally agreed ISO standards are a collaboration of experts in their service areas built to supply best practice materials in a wide range of business areas.  These cover Quality management, environmental management, Health and Safety, Energy management, Food safety, and IT security standards.  

Capstone have specific qualifications in assurance services over Quality management and IT Security Standards.  The team have a background in these areas in both public and private sectors where these standards are strictly enforced. and maintained. 

MAS/APRA (Singapore)

Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system.  

Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction.  

The AML/CFT requirements for banks can be found in this notice, which include the following:  
·         Risk assessment and risk mitigation.  
·         Customer due diligence.  
·         Reliance on third parties.  
·         Correspondent banking and wire transfers.  
·         Record keeping.  
·         Suspicious transaction reporting.  
·         Internal policies, compliance, audit and training.

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