Insights from our AML Experts

AUSTRAC vrs CBA – the Statement of Agreed Facts & Admissions

AUSTRAC vrs CBA – The statement of agreed facts & admissions Download here. Paddy Oliver’s Presentation on 14th June 2018 Download here.

Do Australian Law Firms Face Money Laundering Risks? Of Course.

New Zealand lawyers face AML obligations from 1 July 2018, accountants later in the year. Perhaps their Australian colleagues will over the next decade.

AML Lessons for Lawyers from New Zealand

New Zealand lawyers face AML obligations from 1 July 2018, accountants later in the year. Perhaps there Australian colleagues will over the next decade. I was fortunate enough to be on the speaking panel for the Thompson Reuters AML Conference last week in Auckland. Over 70 lawyers, accountants, and other interested people attend this conference to hear from the New Zealand Police FIU, the Department of Internal Affairs (the supervisor), and several AML subject matter experts.

AUSTRAC Beneficial Ownership Factsheet – Devil in the Detail

AUSTRAC recently produced a factsheet entitled “Meeting your Beneficial Ownership Obligations”. It is informative. Well worth reading for all Australian reporting entities, especially the vast majority of reporting entities who struggle with the whole concept of beneficial ownership. It is daunting.

New AML/CTF Rules 2018 – Significant Changes

The much anticipate amendments to the AML/CTF Rules were registered on 11th January. These changes arise out of the the now not so recent Statutory Review. If you would like assistance in understanding and implementing the changes AML Experts are able to assist. New Rules Explanatory Statement

AUSTRAC v CBA – Now for the Defence

AUSTRAC v CBA is again major news. This time it is CBA’s Defence to the AUSTRAC Statement of Claim In this session we will explore CBA’s Defence and how it might impact AML/CTF Programs. We might even stray into the Amended Statement of Claim. As ever, we won’t be commenting on the merits of the claim or any defence, only the allegations as they pertain to alleged breaches of the AML/CTF Act, especially aorund AML/CTF Programs. Paddy Oliver, Managing Director, AML Experts (and a lawyer) will lead the discussions. Tickets are free. Bring your own lunch.

Why an AML Program Independent Review is Invaluable

This article discusses some of the lessons from the authors' years of experience conducting independent review of AML/CTF programs, and AUSTRAC’s publication 'Insights from Compliance Assessments: Good Business Practices and Areas for Improvement' of December 2016. The AML/CTF laws require designated service providers to maintain an AML/CTF Program and undertake for regular independent review of Part A of that program (which necessarily also entails some examination of the operation of Part B (Customer due diligence).

Why did Tabcorp Really Get Fined AUD $45M?

Headlines were made when AUSTRAC brought civil proceedings against Tabcorp for breaches of the AML Act. This was the first major civil proceedings litigation brought by AUSTRAC against any reporting entity in Australia. In the approximate two years that the action lasted there was much conjecture and debate over how the matter might play out. Ultimately, a settlement was reached for Tabcorp to admit to certain breaches of the AML Act and to accept a civil penalty of AUD $45M.

AML Rules – AUSTRAC Consultation to Amend AML Rules

As the result of the recent Statutory Review into the AML/CTF Act AUSTRAC intends to review and revise the AML/CTF Rules. This restructuring is a positive step towards making the, currently cumbersome, Rules more user friendly, and reflect the recommendations of the Statutory Review for Rules simplification.
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