Welcome to another series of Hatchstone Nuggets, where we aim to provide bite-sized, easily digestible information for everyone! Whether you’re a seasoned investor or just starting out, our nuggets are designed to keep you informed and up-to-date with the latest trends, tips, and insights in the world of investment, finance, and beyond.

What is an independent review?

An independent review is an impartial assessment of Part A of your AML/CTF program. It checks that you’re complying with the program.

Who can conduct an independent review?

The independent reviewer must be someone who:

• understands your business or organisation
• understands ML/TF risks
• was not involved in any part of developing the program or implementing or maintaining the program

Why do you need an independent review?

An independent review provides an unbiased assessment of your Program’s effectiveness, identifying areas for improvement and helping to reduce the risk of financial crime.

How often should independent reviews should be done?

How you decide depends on:

• the size of your business or organisation
• what kind of business or organisation you have
• how complex your business or organisation is
• your level of money laundering/terrorism financing risk

High-risk organisations should have independent reviews done at least every two to three years.

Stay tuned for more Hatchstone Nuggets, where we will continue to bring you valuable insights and updates to help you navigate the dynamic world of finance and investment.

You may contact us to discuss Australian licensing and regulatory compliance for your business at contact@hatchstone.com.