Anti Money Laundering & Counter Terrorism Financing Program

Lazorne Informatics Pty Ltd (“Lazorne Informatics”) has spent considerable time in developing and preparing an Anti-Money Laundering and Counter-Terrorism Financing (“AML/CTF”) Program, which can be tailored to suit your specific needs and/or requirements.

The AML/CTF Program is transactional based and is delivered over the internet. It provides both document AND electronic based identification, verification and risk assessment.

In brief, it enables the Reporting Entity (e.g. AFS Licensee) to readily demonstrate that it is taking all efforts to comply with its legislative obligations and not facilitating money laundering or terrorism financing through the provision of its designated services.

Know Your Customer (“KYC”) procedures and/or methodology

As prescribed within the AML/CTF Act 2006, Part B of the AML/CTF Program requires a Reporting Entity to establish suitable Customer Identification and Verification procedures (also known as your “Know your Customer” or “KYC” procedures) that meet the minimum standards prescribed in the AML/CTF Rules.

Our AML/CTF Program enables you to perform your KYC checks using either document based OR electronic based methods for identification and verification purposes.

Risk Based Assessment

As prescribed within the AML/CTF Act 2006, the AML/CTF Program (i.e. the assessment of money laundering and terrorism financing exposure) must be risk based and we provide you with the tools to assess and measure risk factors based on:

• your customers;
• the types of designated services you provide;
• the methods by which you deliver your designated services; and
• the foreign jurisdictions with which you deal.

Lazorne Informatics has developed a unique way for you to demonstrate that the appropriate risk assessment has been performed to identify, mitigate and manage the possible money laundering and terrorism financing risks to your organisation.

In brief, a “Scorecard” system has been developed which enables you to risk assess the customer depending upon the risk weighting you determine (being a high, medium or low risk customer) following completion of the risk assessment process (Scorecard). This methodology is in accordance with the AML/CTF Act.

Best of all, the Scorecard is flexible and you can tailor it to suit your specific requirements.

This is presented graphically below:

The benefits we can offer you:

• A complete AML/CTF Program i.e. Part A and Part B. In other words it provides both document AND electronic based identification, verification and risk assessment.
• You can run the AML/CTF Program in-house or use our hosted solution (which is transactional based and is delivered over the internet).
• Sophisticated (state of the art) technology.
• Cost effective solution.
• Available continuously i.e. 24 by 7.
• A flexible, risk based approach that can be tailored to suit your requirements.
• A solution as opposed to a template or recital of the Act.