Undergoing a CSP compliance review

What you must comply with

As a registered CSP, you must comply with the CSP Act 2024.

This includes requirements for:

• Anti-money laundering (AML)

• Countering proliferation financing (CPF)

• Counter-terrorism financing (CFT)

More details: Guidelines for registered CSPs

How the review is conducted

ACRA appoints private sector compliance firms ("Reviewers") to conduct reviews.

The Reviewer will examine these eight areas:

1. Risk assessment methods for:

   • Money laundering

   • Proliferation financing

   • Terrorism financing

2. Internal policies, procedures, and controls

3. How you verify customer identities and conduct enhanced checks

4. How you collect beneficial ownership information

5. How well you provide beneficial ownership information to ACRA

6. How you report suspicious transactions

7. How you share policies, procedures, and controls with staff

8. Staff training programme, including scope and frequency

What happens after the review

Your CSP will receive a detailed report.

Based on the Reviewer's findings:

• The Reviewer may conduct follow-up reviews

• ACRA may:

  • Contact you in writing about any findings

  • Conduct on-site inspections at your premises

  • Interview you or your staff who participated in the review