Right from the opening remarks of this years’ ACAMS Australasian Conference, there were a number of areas of specific focus; AUSTRAC’s willingness to partner with financial institutions to help fight financial crime, and to enforce the required standards on financial institutions who fail to meet their requirements under the AML/CTF ACT.
The first roundtable discussion of the day further highlighted this working partnership. Sharon Campbell at National Australia Bank (NAB) moderated this session, and examined recent regulatory changes and actions, including updates of Financial Action Task Force guidelines. Sharon also touched on her own experiences, where AUSTRAC accepted an enforceable undertaking from NAB to help improve their processes and governance frameworks.
L-R: Sharon Campbell, Executive General Manager, Financial Crime Operations and Transformation, National Australia Bank, Gavin Coles, Australian Chapter Board Advisory, ACAMS and David Shannon, Director, Mutual Evaluations, Asia Pacific Group on Money Laundering (APG) Secretariat. Image source: acams.org
Other key areas examined were the recent AML/CTF Parliamentary Inquiry and the differing AML/AFC requirements across jurisdictions. With the changing AML/CTF requirements, automating of process and governance was highlighted as key areas of opportunity when it comes to improving and future-proofing these processes. Particularly when it comes to automating AML/CTF reporting to AUSTRAC, to avoid some of these key processes being missed by human error.
The panel also touched on how organisations can learn from other financial institutions mistakes to avoid action from AUSTRAC, and to reach out to AUSTRAC when in doubt.
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