Compliance

The Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CFT Act) is an important act in the Australian financial system. The Australian Transaction Reports and Analysis Centre (AUSTRAC) is the regulator of anti-money laundering and counter-terrorist financing activities in Australia.

In order to maintain the stability of the Australian financial system, Wealth Union cooperates with AUSTRAC to conduct supervision. As an independent remittance service provider registered with AUSTRAC, Wealth Union is obligated to carry out activies as described below:

• Submit complete transaction records to AUSTRAC
• Always conduct identity verification and due diligence on all customers
• Conduct anti-money laundering and anti-terrorism financing risk awareness training for internal employees
• Report suspicious customers and transactions