ML/TF definition

ML/TF risk means the risk of being misused for money laundering and/or terrorist financing purposes;

Examples of ML/TF in a sentence

  • Auditors should assess the effectiveness of measures taken to prevent ML/TF.

  • The second line of defence includes the AML/CFT compliance function, as well as other support functions such as operations, human resource or technology, which work together with the AML/CFT compliance function to identify ML/TF risks when they process transactions or applications or deploy systems or technology.

  • While each individual situation may not be sufficient to suggest that ML/TF is taking place, a combination of such situations may be indicative of a suspicious transaction.

  • Reporting entities should assess the ML/TF vulnerabilities associated with particular customer types (see Appendix 17: Key ML/TF vulnerabilities and high-risk factors).

  • Risk Mitigation4-13 The nature and extent of AML/CFT risk management systems and controls implemented should be commensurate with the ML/TF risks identified via the enterprise-wide ML/TF risk assessment.

  • The primary purpose of Part A of a standard AML/CTF program is to identify, manage and mitigate money laundering or terrorism financing (ML/TF) risk a reporting entity may reasonably face in relation to the provision by the reporting entity of designated services at or through a permanent establishment in Australia.

  • In determining whether, and what, additional information will be collected and/or verified in respect of a trust pursuant to paragraphs 4.4.4 and/or 4.4.6, the reporting entity must have regard to ML/TF risk relevant to the provision of the designated service.

  • The primary purpose of Part A of a joint AML/CTF program is to identify, manage and mitigate ML/TF risk faced by each reporting entity (in a designated business group) in relation to the provision by the reporting entity of designated services at or through a permanent establishment in Australia.

  • These examples are not exhaustive and firms should decide on the most appropriate CDD measures in line with the level and type of ML/TF risk they have identified.

  • In determining whether, and what, additional information will be collected and/or verified in respect of a company pursuant to paragraphs 4.3.4 and/or 4.3.6, the reporting entity must have regard to ML/TF risk relevant to the provision of the designated service.


More Definitions of ML/TF

ML/TF means Money Laundering and the Financing of Terrorism, where "money laundering" refers to any practice through which the proceeds of crime are dealt with so as to obscure their illegal origins, and where "the financing of terrorism" refers to the financing of Terrorist Activities.

Related to ML/TF

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  • AML/CFT means anti-money laundering and countering the financing of terrorism;

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