Australian senators keep pressure on for AML/CTF law reform, ahead of Senate report Governance, Risk & Compliance

The Australian Greens have introduced legislation in the Senate as part of a broader campaign to pressure the government to push ahead with Tranche 2 of the anti-money laundering and counter-terrorism financing (AML/CTF) regime

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UN Int’l Anti-Corruption Day: The challenge with enhanced due diligence is how it’s implemented Governance, Risk & Compliance

No matter how perfectly crafted an organization’s policies, identifying when enhanced due diligence (EDD) is merited and how fine-tuned its procedures specifying how EDD will be conducted, workplace realities can impact who is undertaking the task and how backlogged their to-do list happens to be.

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Top four regions for bribery and corruption revealed: Global Fraud and Risk Report 2021 Governance, Risk & Compliance

The top four regions in terms of the threat of bribery and corruption have been identified as the Middle East and North Africa, Sub-Saharan Africa, Latin America and Asia Pacific

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IMPACT ANALYSIS: Directors of Queensland wealth group, lawyer face criminal insolvent trading charges Governance, Risk & Compliance

The Australian Securities and Investments Commission (ASIC) and the Serious Financial Crime Taskforce (SFCT)) have pressed 72 criminal charges against the directors and legal advisers of Members Alliance and Benchmark Group.

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IMPACT ANALYSIS: NAB’s senior management was aware of compliance failures as bank fined A$18.5 million Governance, Risk & Compliance

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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Tax Evasion is Illegal, but not an Offence. Does AUSTRAC Understand its Own Risks? Governance, Risk & Compliance

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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AUSTRAC urges businesses to update risk assessments, following FATF reports Governance, Risk & Compliance

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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