Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
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.

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

New APRA data has revealed that ANZ was the only big four bank to record negative home lending growth before the coronavirus outbreak altere...

The rapid move to support digital mortgages amid the coronavirus pandemic “will have a dramatic effect” on how people will transact on m...

Mortgage holders will be breathing a “sigh of relief” following the federal government’s announcement of a new $130-billion support p...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you think Australia will move to quantitative easing this year?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

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