OUR COMMITMENT TO COMBATING FINANCIAL CRIME
KOSEC Group is committed to maintaining the highest standards of integrity and transparency in all our operations. As part of our compliance with Australian and global regulatory requirements, we actively uphold measures to combat money laundering, terrorism financing, and other forms of financial crime. Our robust framework ensures that our business activities align with regulatory obligations and protect our clients, stakeholders, and communities.
WHAT IS AML/CTF?
Money laundering and terrorism financing involve the illicit movement of funds to disguise their origin or to support unlawful activities. These activities pose significant risks to the global financial system and society. KOSEC Group recognises the importance of mitigating these risks through proactive compliance measures.
OUR APPROACH TO AML/CTF COMPLIANCE
We have implemented a comprehensive Anti-Money Laundering and Counter-Terrorism Financing Program designed to identify, manage, and reduce the risks associated with financial crime. Key elements of our program include:
- Know Your Client (KYC) Procedures: We conduct rigorous due diligence to verify the identity of our clients and beneficial owners, ensuring that we maintain a clear understanding of who we are doing business with.
- Transaction Monitoring: Our advanced systems monitor transactions for suspicious activity, enabling us to detect and report potential money laundering or terrorism financing activities promptly.
- Risk-Based Approach: We assess risks across our operations and apply enhanced due diligence for higher-risk clients, jurisdictions, or transactions.
- Reporting Obligations: KOSEC Group complies with all reporting requirements under the Australian Anti-Money Laundering and Counter-Terrorism Financing Act. Suspicious transactions are promptly reported to AUSTRAC (Australian Transaction Reports and Analysis Centre).
STAFF TRAINING AND AWARENESS
We ensure all employees are equipped with the knowledge and tools necessary to identify and address potential AML/CTF risks. Regular training programs are conducted to keep staff informed about regulatory updates, emerging risks, and best practices.
PARTNERSHIPS AND COLLABORATION
KOSEC Group collaborates with industry peers, regulatory bodies, and law enforcement agencies to strengthen global efforts against financial crime. By sharing insights and engaging in dialogue, we contribute to a safer and more secure financial system.
PROTECTING CLIENTS AND STAKEHOLDERS
Our robust AML/CTF framework safeguards the interests of our clients and stakeholders, fostering confidence in our operations. We are committed to ensuring a secure and compliant environment for all parties we engage with.
CLIENT RESPONSIBILITIES
As part of our commitment to AML/CTF compliance, we may request clients to provide identification documents or additional information to verify their identity and the purpose of their transactions. We appreciate your cooperation in helping us meet these regulatory obligations.
CONTINUOUS IMPROVEMENT
KOSEC Group is dedicated to continuously enhancing our AML/CTF measures. We regularly review and update our policies, systems, and processes to reflect evolving regulations and emerging threats.
CONTACT US
If you have questions about our AML/CTF measures or wish to report any suspicious activities, please contact KOSEC Group through our secure channels.