The Anti-Money Laundering and Counter-Terrorism Financing Act is an important part of the Australian financial system. The Australian Transaction Reporting and Analysis Centre (AUSTRAC) is the Australian supervisory organization for Anti-Money Laundering and Anti-Terrorist Financing Activities.
In order to maintain the stability of the Australian financial system and cooperate with AUSTRAC, as an independent remittance service provider registered with AUSTRAC, Global Pay is obliged to:
- Strict authentication and due diligence for all customers
- Submit complete transaction records to AUSTRAC
- Anti-Money Laundering and Counter-Terrorism financing risk awareness training for internal employees
- Report suspicious customers and transactions