Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) service designed for the superannuation industry

MemberCheck is an AML/CTF service designed for the superannuation industry and has been developed to assist superannuation trustees and their service providers to meet their obligations under the AML/CTF Act 2006, which came into effect on 12 December 2007.

One-stop-shop for meeting AML/CTF obligations

MemberCheck provides superannuation trustees with the ability to check their entire membership, or new members when they join a fund, against global sanctions and Politically Exposed Person (PEP) lists.

Once members are scanned, MemberCheck provides a trustee (or its nominated service provider) with a report outlining any matches found against the lists, information on the person identified (to reduce false positives) and a summary of the numbers of members scanned without a match. The results of these scans will assist trustees with their reporting requirements to AUSTRAC.

MemberCheck is also being developed to allow trustees to report to AUSTRAC directly through the MemberCheck system. It is envisaged that MemberCheck will provide a ‘one-stop-shop’ for trustees to meet their AML/CTF obligations.

Extensive Resources

MemberCheck has partnered with Dow Jones & Company, a News Corporation company and leading provider of business news and information services, to provide up-to-date lists of Politically Exposed Persons, sanctioned individuals and entities and persons of Special Interest.

Dow Jones utilises research from over 10,000 publicly available sources in 22 languages globally to compile Dow Jones Watchlist, the most detailed and accurate global coverage of senior Politically Exposed Persons available today.

Additional Benefits

The member site also includes a variety of research information, in relation to AML/CTF, such as training notes for trustee and administration staff, procedures documents, case studies and other AML/CTF relevant information.