Compliance

REGULATION

In Australia we are regulated by the Australian regulatory body, AUSTRAC (Australian Transactions Report and Analysis Centre) and are required to comply with Anti-Money Laundering and Counter-Terrorist Funding legislation –AML/CTF Act 2006.

As part of the updated legislation for the remittances services community, remittance businesses are required to be registered on the Remittance Sector Register with AUSTRAC. Our business was entered onto this Register on 15 May 2012.

Hai Ha Money Transfer works with law enforcement and other government agencies to assist in investigations of criminal and fraud activity.

We are also required to comply with the Australian Privacy Act 1988 which regulates the collection, use, storage and disclosure of our customers’ personal information.

COMPLIANCE STATEMENT

Our business does not support any illegal activity and has reporting procedures in place to that requires us to report every international transaction, transactions over certain cash thresholds and transactions that we deem to be suspicious to the regulator. We may also report suspicious transactions to law enforcement.

Illegal activity can include, but is not limited, money laundering (integrating illegitimate funds into the financial system to avoid detection), terrorism funding (financially aiding those who support or are engaged in terrorist activity) and fraud.

Hai Ha Money Transfer has a zero tolerance policy on illegal activity.

As a remitter business we are committed to meeting our compliance obligations and have a AML/CTF Program in place that outlines our polices and the procedural documents. These include:

  • Employee and agent training
  • Employee and agent due diligence
  • Monitor and reporting transactions and suspicious matters
  • Collect and verify customer information
  • Conduct risk assessments and manage any risks
  • Conduct enhanced and ongoing due diligence
  • Appoint a Compliance Officer
  • Maintaining transaction records for at least seven years

We reserve the right to refuse a transaction if we believe it is related to money laundering, terrorist funding, or any other illegal activity.

INDUSTRY ASSOCIATIONS & CERTIFICATIONS

We are a member of ACAMS, the association of Certified Anti-Money Laundering Specialists.

ACAMS

Our Compliance Officer is a Certified Anti-Money Laundering Specialist (CAMS).

CAMS