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

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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…
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The Compliance HUB:  Compliance Management System

The Compliance HUB: Compliance Management System

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In this article, we provide some of the background to the Compliance HUB- an expert Compliance Management System - why we are doing what we are doing, and how our Compliance HUB will benefit you. The Cost of Regulation Regulation can operate as a support and a constraint. If you ask any business owner to name barriers to their business, regulation will undoubtedly be high on the list. Regulation is a multi-billion dollar burden on businesses around the world. In Australia alone, Deloitte has put the total cost of compliance for Australia's economy at $250 billion a year. Deloitte estimates that businesses spend $95 billion a year in an effort to comply with regulation. The typical method of managing regulation involves human capital and external spending on consultants and lawyers. Continued Compliance…
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