Anti-money laundering and counter-terrorism financing compliance statement
1. Administrative information
Legal name Cuscal Limited (Cuscal)
Principal place of business / Registered office Level 2, 1 Margaret Street, Sydney NSW 2000 Australia
Place of incorporation Sydney, Australia
Legal status Public Limited company
Major shareholders Credit Unions
Australian Financial Services Licence (AFSL) 244116
AML Compliance Officer Kieran McKenna
Level 2, 1 Margaret, Sydney NSW 2000, Australia
Phone +61 2 8299 9069 Fax +61 2 8299 9763 Email email@example.com
2. Senior management
3. Anti-money laundering and counter-terrorism financing measures
Cuscal is subject to, and complies with, Australian law. Australian laws applicable to Cuscal include:
- Anti-Money Laundering and Counter-terrorism Financing Act 2006 (AML/CTF Act)
- Corporations Act
- Proceeds of Crime Act 2002 and associated regulations
- Criminal Code Act 1995 and associated regulations
AUSTRAC, the regulatory authority charged with oversight of the legislation, has made Rules relating to AML/CTF obligations. Cuscal has implemented the requirements of the AML/CTF Act and Rules and has adopted internal policies, procedures and controls to ensure ongoing compliance.
- Customer due diligence/know your customer (KYC)
Cuscal has policies and procedures in place to comply with the obligation to identify customers as required by the AML/CTF Act.
- Ongoing customer due diligence
Client monitoring is carried out through a risk-based approach. Cuscal employees in the relevant roles receive periodic training and reminders of the requirement to monitor customers and their transactions on an ongoing basis.
- Reporting obligations
As a reporting entity, Cuscal is required to submit reports to AUSTRAC.
1. Suspicious matter reporting Cuscal has internal policies and procedures in place to report any suspicious matters connected to the actual or potential provision of a designated service to ensure compliance with the applicable legislation and regulatory requirements.
2. Threshold transaction reporting Although Cuscal’s payments products do not allow the acceptance of cash, Cuscal has internal policies and procedures in place to report transactions involving the transfer of physical currency, or money in the form of e-currency, where the total amount is not less than $10,000 to AUSTRAC.
3. International funds transfer instructions (IFTI) reporting Cuscal has internal policies and procedures in place to report international funds transfers to AUSTRAC where Cuscal acts as the Ordering or Beneficiary Institution. However, Cuscal predominantly acts as an interposed entity in the electronic funds transfer chain and its responsibility is to ensure complete transfer information is provided to its ADI clients who are reporting entities in their own right and the beneficiary institution responsible for submitting IFTI reports on their customers.
4. Annual compliance report Cuscal has internal policies and procedures in place to ensure accuracy in its submission of an annual compliance report for the previous calendar year.
- Employee due diligence
Cuscal has internal policies and procedures in place that provide reasonable assurance of the identity, honesty and integrity of prospective and existing employees.
- Employee training program
Periodic training is provided to employees involved in the design and distribution of Cuscal’s products and services which are subject to the legislative requirements. Cuscal employees impacted by the AML/CTF Act receive periodic training and reminders about the detection and reporting process for suspicious activities, customer identification procedures, ongoing due diligence and record keeping. Changes to AML/CTF legislation, or any emerging risks, are communicated to relevant employees.
- Agents of Cuscal
Cuscal’s AML/CTF Agents are reporting entities in their own right and are contractually required to provide an annual attestation of compliance to Cuscal. As part of its risk-based approach, Cuscal has implemented additional controls and assurance processes to mitigate the risks of money laundering and terrorism financing.
- Independent review
Cuscal’s internal auditors (KPMG) conduct reviews and compliance testing of Cuscal’s policies and operational procedures related to its AML/CTF Program. The results of the review are reported to senior management and actioned.
- Record retention
Records relating to customer identification are maintained in Australia and kept for seven (7) years after the termination of services offered by Cuscal.
- Dealing with correspondent banks
Cuscal does not have any correspondent banking relationships.
- Dealing with shell banks
Cuscal does not conduct business with shell banks.
- Politically exposed persons (PEPs)
Cuscal has internal policies and procedures in place that ensures any potential PEP relationship is identified as part of initial and ongoing due diligence. Appropriate controls will be applied where the ML/TF risk is assessed as high.
- AML officer
Cuscal has designated its Chief Risk Officer as its ‘AML/CTF Compliance Officer’. The contact details for AML/CTF related matters has been provided above.