The NAB breached the Corporations Act on 2,285 occasions between 2013 and 2019 when charging 1,382 clients more than A$2 million
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Compliance / Risk Manager Posts
Tax Evasion is Illegal, but not an Offence. Does AUSTRAC Understand its Own Risks?
Unlike some countries (such as the US), Australia’s legislative references to tax “evasion” do not refer to a criminal offence or even a category of criminal offences.
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GCs need to focus on corruption risk as offices reopen
General Counsel need to greet their organisation’s office reopening with increased vigilance regarding the management of the risk of corruption.
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AUSTRAC urges businesses to update risk assessments, following FATF reports
The Australian anti-money laundering regulator has urged reporting entities to review their risk assessments and compliance controls in the context of two new reports from the Financial Action Task Force (FATF)
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How to avoid AUSTRAC’s feared litigation team
The recent ACAMS Australia conference gave financial crime practitioners an unprecedented level of detail about the strategic decision-making and policy issues behind the record A$1.3 billion
Westpac anti-money laundering litigation.
ANALYSIS: New Zealand’s first banking AML penalty provides key lessons for financial sector
The Reserve Bank of New Zealand has wrapped up its first civil litigation under the anti-money laundering and counter-financing of terrorism regime.
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How launderers exploit Australia’s lax real estate laws to infiltrate banks
International money launderers are exploiting Australia’s continuing failure to pass “Tranche 2” laws, which has allowed them to defeat banks’ anti-crime controls
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Crown Royal Commission submissions raised questions about directors’ duties
The Royal Commission’s most senior lawyer went on to outline how Crown management and its culture had put profit ahead of integrity, regulation and the law.
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AMP reinvents advice model in wake of bruising Royal Commission findings
The company said the new service model, with its aligned advice network, would mark a “new era for financial advice at AMP”.
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Crown should lose gaming licence due to systemic compliance failures: laundering probe
Money laundering concerns have dominated the inquiry, which looked at the extent to which Crown failed to address its financial crime risks.
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