Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Veda and Deloitte to tackle anti-money laundering

Veda and Deloitte to tackle anti-money laundering

With regulatory changes looming, Veda and Deloitte hosted 30 Australian organisations at an anti-money laundering compliance forum last week to discuss collaboration across multiple industries.

The event anticipates the introduction of new anti-money laundering/counter-terrorism financing (AML/CTF) regulations.

The forum was led by a panel of industry experts and discussed the challenges presented by recent AUSTRAC rule changes to AML/CTF customer due diligence obligations; the cost and timing of compliance; and the impact on business while the changes are being implemented.

Advertisement
Advertisement

Veda’s general manager of commercial and property solutions, Carol Chris, said despite the approaching compliance deadline, the rules covering the remediation of existing high-risk accounts and ongoing updates to client records remain unclear.

“This complicates the process,” she said. "Our forum provided the opportunity to discuss different approaches and formulate a united response to the compliance requirements placed on reporting entities.”

Ms Chris noted the forum also offered attendees a chance to ask how to prepare for the changes.

“Organisations should avoid being caught out in a race to comply with the regulations in the final months before the January 2016 deadline,” Ms Chris said.

Adding to the pressure of this compliance deadline, the federal government's Financial Action Task Force will soon release its findings in the fourth mutual evaluation report for Australia.

The report will focus on the effectiveness of the current AML/CTF regime and how it aligns with the rest of the world, and will give an insight into potential changes to national regulations.

Veda and Deloitte to tackle anti-money laundering
mortgagebusiness

 

Latest News

Interim CEO of BOQ Anthony Rose has told ASIC that the revised responsible lending guidance must remove incentives for lenders to lower stan...

Approximately 32 per cent of young Australians expect to purchase a home in the next five years. However, their aspirations are not driving...

Impact of moderating house prices and the conversion of a large number of interest-only loans on delinquencies will be “limited” in the ...

FROM THE WEB
podcast

LATEST PODCAST: Results season rolls on

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.