AML ISI is PNG’s first comprehensive Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) compliance software, specifically designed for the PNG market, designed by qualified lawyers from Papua New Guinea and Australia. Margareth Parua, Director of AML ISI Limited and prominent lawyer, highlights the platform’s importance of having our very own Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) compliance software. “Our program simplifies AML/CTF obligations for financial institutions and designated non-financial businesses and professions (DNFBP) such as law firms, accounting firms, trustees and company directors and secretaries. Our software typically takes 8 minutes to complete so DNFBPs will spend less time on compliance and more time on their core business activities.” Ms. Parua also points out the risks of a Financial Action Task Force (FATF) Grey Listing that if PNG were placed on the FATF Grey List, it would have a negative impact on PNG’s economy, businesses and resource projects. The impact could be severe, leading to more scrutiny on financial transactions, higher costs for trade and financing, and a loss of trust from foreign investors. This would be damaging for local businesses and the country. “The widespread adoption of an AML/CTF compliance program by companies in PNG could significantly impact efforts to keep PNG off the FATF grey list. Specifically, improved compliance across the corporate sector would strengthen the country’s overall AML/CTF framework.” “It could help in detecting and reporting suspicious activities, increasing transparency, and making the financial system more resilient against money laundering, financial crime and terrorist financing. All these measures would be viewed favorably by FATF and could contribute to reducing the risk of PNG being placed on the grey list.” Amira Ward, AML ISI Director and duel qualified PNG/Australian lawyer, emphasizes the software’s user-friendly features. “Our software is based on the Anti-Money Laundering and Counter Terrorist Financing Act 2015. It makes the compliance process easier and much faster for financial institutions and DNFBPs. We created a solution to address the real challenges faced by PNG businesses and professionals.” Hubert Namani, President of the PNG Law Society, supports AML ISI’s initiative. “I think this is a great initiative and it has my full support. AML ISI’s compliance software will be a vital resource for our members and the business community.” “As President of the PNG Law Society we support best practices for our members and believe that this will also strengthen the integrity of PNG’s business sector.” AML ISI’s software generates comprehensive risk assessment forms and Know Your Customer (KYC) compliance reports, for every transaction. These detailed reports are invaluable when the Financial Analysis and Supervision Unit (FASU) carries out audits. Financial institutions and DNFBP’s can visit amlisi.com to learn more about the software. Looking ahead, AML ISI plans to expand to other Pacific countries, including Fiji, Vanuatu, and the Solomon Islands, in the coming year.