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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IMPACT ANALYSIS: ASIC drops criminal investigation into alleged “fees for no service” conduct by AMP
The Australian Securities and Investments Commission (ASIC) has finalised its criminal investigations into the alleged “fees for no service” conduct by AMP.
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Transaction monitoring must sit at heart of AML compliance, says top enforcement lawyer
Regulators will seek evidence of a nuanced and comprehensive transaction monitoring program when they undertake supervision and enforcement work.
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Fintech, regtech and the role of compliance survey for 2022
Financial services firms adopting new ways of working supported by emerging iterations of fintech, regtech and insurtech.
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