Paddy Oliver

Paddy Oliver leads the team at AML Experts. Paddy has extensive experience as a lawyer and compliance management consultant. Importantly for you, he is an experienced Independent Reviewer and Auditor. That means AML Experts is your one-stop-shop for AML Act and AUSTRAC compliance. Paddy can be contacted here.

Paddy Oliver

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.

AUSTRAC v CBA – Now for the Defence Read More »

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 an AML Program Independent Review is Invaluable Read More »

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.

Why did Tabcorp Really Get Fined AUD $45M? Read More »

AML/CTF Obligations – Tranche 2 – Consultation Paper

Do you have an interest in how your profession or industry is going to be regulated under Australia’s Anti-Money Laundering & Counter-Terrorist Financing regime? It would appear that Australian DNFBPs (lawyers, accountants, real estate agents, trust & company services providers, and high-value dealers) will finally be subject to AML/CTF Act obligations (or a variation). Yes, Tranche 2 is on its way.

AML/CTF Obligations – Tranche 2 – Consultation Paper Read More »

AUSTRAC v Tabcorp: What can we learn to date?

In the recent judgment of Justice Nye Perram in the interlocutory matter AUSTRAC v Tabcorp (TAB Limited), the judge made comments which should make boards, senior management, risk and compliance teams, and AML professionals sit up and take note. The comments of most significance related to anti-money laundering (AML) compliance programs, money laundering and terrorist financing (ML/TF) risk assessments, and AML program governance. The judge’s comments also have relevance to record creation and record keeping obligations.

AUSTRAC v Tabcorp: What can we learn to date? Read More »

Stay on the straight and narrow. A reminder that your reports are due.

It is that time of year again for completing your AUSTRAC compliance report. Yes, it is a rather easy document to complete. And yes, you might consider it an irritant. However, be warned as completing the S47 Report should be taken seriously. Questions should be answered truthfully and accurately, even if that means confessing to AUSTRAC that your organisation has not fully implemented an AML Act or AML Rule obligation.

Stay on the straight and narrow. A reminder that your reports are due. Read More »

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