Jul242017 by Ben WilsonNo Comments
AUSTRAC’s risk assessment: three areas where you may need to step up your compliance program

AUSTRAC’s risk assessment: three areas where you may need to step up your compliance program

Uncategorized
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has just released a report (12 July) Securities & derivatives sector: money laundering and terrorism financing risk assessment revealing the vulnerabilities of the securities and derivatives sector with regards to financial crime. We recently took at AUSTRAC’s advice on the risk management obligations of businesses. We have also looked at the compliance obligations of those who trade in OTC derivatives. By Dr. Drew Donnelly, Compliance Quarter Today we review AUSTRAC’s assessment with one focus; in which areas are businesses still falling short in meeting their obligations under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework. AUSTRAC’s Findings AUSTRAC’s report used three key sources in developing its risk assessment: Analysis of suspicious matter reports (SMRs), as well as other AUSTRAC intelligence Reports and…
Read More
Jun272017 by Connor James2 Comments
The AUSTRAC risk management tool: Are you meeting your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006?

The AUSTRAC risk management tool: Are you meeting your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006?

Uncategorized
  By Dr. Drew Donnelly, Compliance Quarter. Last month in Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket we addressed the government’s increasing crackdown on financial crime and wrongdoing and those who would (even unwittingly) facilitate it. We mentioned the recent court case involving Tabcorp where the organisation agreed to pay $45 million for failing to meet its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act). Today we take a closer look at the requirements of the Act. Specifically, we look at the risk-management obligations for small-to-medium sized enterprises (SMEs) under that Act and its associated regulatory regime. This should be particularly pressing for SMEs, given that the Australian Transaction Reports & Analysis Centre (AUSTRAC) recently identified…
Read More
May252017 by Connor James1 Comment
Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket

Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket

Financial Services
Previously, we discussed some core areas where financial professionals need to think about their own compliance, including compliance with the law and professional obligations. What exactly will happen though, to people and organisations that are in serious breach of their obligations? Recent cases suggest that regulatory agencies and the courts will deal severely with serious non-compliance. For example, in March the Federal Court agreed that Tabcorp would be required to pay a $45 million civil penalty for breaches of anti-money laundering and counter-terrorism financing laws. Referring to this case, the CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), Paul Jevtovic commented: “There was a serious failure in the corporate governance and the size of the penalty reflects a significant and extensive non-compliance”. A take-home message, perhaps, is that…
Read More