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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.

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.”

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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

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>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.

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
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