Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.”

Advertisement
Advertisement

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

PROMOTED CONTENT


>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
mortgagebusiness

Latest News

The number of dwellings approved plunged in January but still remained well above last year’s level, according to ABS data. ...

Australians aged 22 and under (Gen Z) are the age group that is most interested in owning a home in future, even though two-fifths believe...

Teachers Mutual Bank Ltd has welcomed new directors to its board and bid farewell to John Kouimanos, who has retired from the board after...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Aggregation group changes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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