- What is Money Laundering?
- What is Terrorism Financing?
- GE Commercial Finance Designated Business Group
- Know Your Customer (KYC) Information
Information for Intermediaries
- Intermediary Obligations
- Resources Available on this Website
- Suspicious Matter Reporting and Questions about our AML/CTF Program
What is Money Laundering?
Money Laundering is the process of converting money generated by criminal activity into seemingly legitimate funds.
Any kind of criminal activity including fraud, theft, tax evasion, drug trafficking, racketeering, prostitution, smuggling, kidnapping for ransom and threats to extort money can be a source of criminal funds.
Money laundering strengthens the position of criminals in our society, undermines the global financial system and harms Australia's reputation as a clean, effective country in which to do business.
What is Terrorism Financing?
Terrorism financing is the process of using funds to support terrorist groups and terrorism.
Funds to finance terrorism don't necessarily come from criminal activities – they can come from private contributions or donations from people who may or may not be aware that they are financing terrorism. These funds often enter the financial system in relatively small amounts – so they can be difficult for financial institutions to detect.
Terrorism financing is the lifeblood of terrorist groups. By combating the financing of terrorist acts, financial services businesses play a crucial role in the worldwide fight against terrorism.
GE Commercial Finance Designated Business Group
The AML/CTF Act introduces the concept of a designated business group, which facilitates the sharing of customer identification information and to allow that designated business group to adopt a group-wide compliance program.
Reporting entities can enter into a joint AML/CTF Program with other members of a designated business group. Members of a designated business group can, in some circumstances, share suspicious matter information and can rely on other members of the designated business group to discharge their ongoing customer due diligence obligations, record keeping and compliance reporting obligations.
The GE Commercial Finance Designated Business Group has implemented a joint AML/CTF Program. The GE Commercial Finance designated business group comprises the following businesses:
The GE Commercial Finance Designated Business Group's AML/CTF Program embraces the spirit and letter of the new legislation and is designed to minimise the risk of engaging with Customers involved in money laundering and terrorism financing, and reporting suspicious matters as they are identified.
Know Your Customer (KYC) Information
The AML/CTF Act requires parties providing certain types of services to collect and verify certain information about its customers, known as the "Know Your Customer" (or "KYC") process.
The types of services where the KYC process must be followed includes leases, loans, hire/term purchase and bailment/wholesale finance products. GE Commercial Finance provides these types of services.
The GE Commercial Finance Designated Business Group uses Customer Identification Forms to collect information about its customers. These forms outline the minimum information that must be collected and verified about its customers before a service is provided.
Information for Intermediaries
Intermediary Obligations
An Intermediary means any party that introduces customers to any member of the GE Commercial Finance Designated Business Group.
In accordance with the GE Commercial Finance Designated Business Group's AML/CTF Program, intermediaries will be required to sign an agreement with the relevant member of the GE Commercial Finance Designated Business Group outlining its obligations in relation to introducing customers to us. It will include obligations about:
- Collecting and Verifying KYC Information
- Reporting Suspicious Matters
- Training their employees, contractors and representatives who introduce customers to any member of the GE Commercial Finance Designated Business Group about these obligations.
Resources Available on this Website
To assist Intermediaries to comply with their obligations to the GE Commercial Finance Designated Business Group, the following resources have been developed for Intermediaries to use to train their employees, contractors and representatives about the requirements of the AML/CTF Act and the GE Commercial Finance Designated Business Group's AML/CTF Program.
- AML/CTF Intermediary Training Guide - This training guide outlines the requirements of the AML/CTF Act and the GE Commercial Finance Designated Business Group's AML/CTF Program
- AML/CTF Procedures – Intermediaries and their employees, contractors and representatives are required to follow these Procedures to ensure compliance with the AML/CTF Act and the GE Commercial Finance Designated Business Group's AML/CTF Program
The GE Commercial Finance Designated Business Group may decline to provide services where Intermediaries have not trained their employees, contractors and representatives using the Guide and have provided access to the AML/CTF Procedures.
Suspicious Matter Reporting and Questions about our AML/CTF Program
Suspicious Matters are events, patterns of behaviour or transactions that are unusual or that could indicate that a customer is involved in money laundering or terrorism financing.
The GE Commercial Finance designated business group must report any Suspicious Matters to AUSTRAC in some instances within 24 hours. As such, it is important that you let us know immediately if you encounter or identify something that is suspicious. These reporting obligations apply seven days per week, so immediate notification to us is essential.
If you wish to report a suspicious matter, or you have any questions in relation to the GE Commercial Finance designated business group's AML/CTF Program, please contact the AML/CTF Officer
| Attention: |
AML/CTF Officer
|
| Address: | Level 13, 255 George Street Sydney NSW 2000 |
| Toll free: | 1800 723 575 |
| Reception: | +61 2 8249 3500 |
| Email: | amlctf.gecom.enquiries@ge.com |
| Website: | www.gecommercial.com.au/aml |