The 2012 calendar of Members' events will be published as they become available and you are invited to check this webpage for events scheduled for:
- Auckland
- Melbourne
- Sydney
- Wellington
The chapter board is also examining the feasibility of conducting events in other Australian and New Zealand cities during 2012.
Recent Events
2011 AML/CTF Conference in Sydney
7-8 Nov 2011
Graham Gorrie, Paddy Oliver and Aub Chapman
Events in Melbourne and Sydney
4 and 25 Oct 2011
Graham Gorrie, Erum Khan, John Cunnane (Thomson Reuters), Wayne Gilbert (RISQ Group), Crispin Yuen and Aub Chapman
The Australasian Chapter recently held an event in both Melbourne and Sydney on 4th and 25th October respectively. Our hosts were Thomson Reuters and RISQ Group as well as Deloitte who provided us with the venue and their kind hospitalityEv.
At our Sydney event, Graham Gorrie welcomed the audience and introduced the guest presenters, John Cunnane (Thomson Reuters) and Wayne Gilbert (RISQ Group). Over thirty people attended the event with representation from not only industry but also from AUSTRAC, our AML regulator.
We thank John Cunnane and Wayne Gilbert who took out to enlighten our members on international AML/CTF trends and characteristics of enhanced due diligence. John's presentation focused on trends in the UK and the likely impact of the Bribery Act. His revelation on the gathering of vessel data was very informative. Wayne took the audience through updated trends in meeting enhanced due diligence and the use of social media to assist in KYC techniques.
Both presenters responded to a question on the impact that businesses now face with managing less time and resources to undertake many AML/CTF tasks. It was generally accepted that the use of technology is being used to undertake the simple and repetitive tasks so that more time can be attributed to analysis and assessment of risk profiles.
The food and drinks catering was enjoyed by all attendees and we wish to acknowledge the efforts of Natasha Walters (Thomson Reuters) for making the event a resounding success.
The event ended with our Co-Chair, Aub Chapman informing the audience of the many issues that the Chapter is considering in the months ahead and reinforced the advantages of ACAMS.
The audience appreciated the topics delivered and there was much discussion following the presentation.
ACAMS Australasian Chapter Complimentary Webinar
The NZ Supervisory Approach - Understanding the Impact of the New Regulations
9 Sep 2011
Compliance Seminar
Anti-money laundering (AML) & Foreign Account Compliance Act (FATCA)
6 Sep 2011
Deloitte is pleased to invite you to the inaugural Compliance seminar on 6th September 2011, endorsed by the Association of Certified Anti-Money Laundering Specialists® (ACAMS®). The seminar offers you an opportunity to hear leading regional AML and FATCA specialists share their insights on important recent developments in the Asia Pacific region and receive an update on some of the key issues within the compliance marketplace at the moment. The agenda includes wider presentations from our speakers on the following:
- Updates on recent developments on AML and how to improve the odds of your AML program.
- Understanding FATCA, assess the impact of FATCA on your company and mastering the challenges.
The seminar includes a Q&A session where you can discuss your questions with our speakers.
A reception breakfast will be provided before the presentations which will be a great opportunity to become acquainted with other compliance and AML professionals within the region.
Board Meeting
11 Oct 2011
3rd Annual ACAMS Asia Pacific AML/CTF Conference
12-14 Jun 2011
The Australasian Chapter was fortunate to have 12 attendees from Australia attending the 3rd Annual ACAMS Asia-Pacific conference in Beijing on June 13-14. 8 of whom are members of the Australasian Chapter and 3 of the 8 are Chapter Board members. A range of speakers presented, including regulators, AML officers, and law enforcement personnel. Several key insights were gained into the specific trends arising from the Asia-Pacific region, including the high preponderance of family members linked within laundering cases investigated by the Taiwan FIU, the emerging threat of e-cash providers as customers to mainstream banks due to the inability to see through to underlying customers, and several very interesting statements by the Anti-Money Laundering Bureau, People's Bank of China, underlining the enormous resources and attention being paid to this issue within the country - not least that last year over 250 punishments were imposed against financial institutions for AML control failures.
The day long workshops session was adjudged a particular success with much interaction during the case studies, and debates ranging over what makes a successful AML program ( and officer ) adding heat to the proceedings as presenters picked apart responses to scenarios to show that the obvious 'compliance officer' response was not always the best response for the organisation!
As always, the ability to mix informally with AML professionals was in itself of great value, with many exchanges of good practice and news of emerging threats and typologies being experienced by various delegates. Finally, this Chapter’s correspondent must comment on the formal speaker dinner which concluded with very unusual singing by some of the delegates......but if you want to know more, you should attend the next conference to find out......
The next ACAMS APAC conference is scheduled to be held in April 2012.
Be sure to mark this into your calendar!
Sydney
Suspicious Matter Reporting
5 Jul 2011
Suspicious Matter Reporting and the Investigative Process Our guest speaker was Detective John Watson, both from the Fraud Squad, State Crime Command, NSW Police.
Given the sensitive nature of the discussion held, we have provided our event summary in our Australasian Chapter online forum. Please refer to the following link to access the summary.
http://www.acams.org/digestviewer/?ListKey=0bc6eef8-a195-4ba1-a1c8-48aad4419b41
PCI Compliance and the New World Standard - Peter Cvetkovski, Risk Associates
10 May 2011
John Alfano from PayPal (Host), Brett Webber, Peter Cvetkovski (Risk Associates), Graham Gorrie, Gene Truono (PayPal), Crispin Yuen and Aub Chapman
The event opened with a warm welcome from John Alfano (PayPal Australia) who kindly provided us with the venue and facility for the presentation. Graham Gorrie (Sydney Programming Director) introduced Peter Cvetkovski from Risk Associates who gave an overview of the Payment Card Industry Security Standards Council (PCI SSC) and the assessment process. It was a lively discussion centering on the 12 major PCI requirements for validation. All of the compliance areas include basic security rules that most merchants and service providers should already have in place, or have a familiarity with them when audited. The issue was raised on why service providers have an obligation to comply when it is not a legislative requirements, rather it is a standard mandated by the major payment card brands (Visa, MasterCard, American Express, Discover and JCB.). In order to combat fraud and money laundering, there is greater need to place reliance on merchants processing electronic payments both in the online and physical environment. Peter went on to describe the various control objectives relating to application change management (particularly around segregation of duties in production and testing), user access controls, physical security and most importantly, documentation. The assessment places emphasis on documented process described and the actual process taking place. Where there is a discrepancy found, the organisation under review will need to provide documentation to explain why and steps to be taken to meet the control objectives.
The room was filled with a lively discussion during Q&A and finished with a drinks and canapés sponsored by PayPal Australia. We thank John Alfano and PayPal Australia for the kind hospitality.
Board Meeting
8 Feb 2011
12 Apr 2011
28 Jun 2011
23 Aug 2011
ACAMS Australasian Chapter Complimentary Webinars
Economic and Trade Sanctions: Do You and Your Customers Understand Your Obligations?
24 Feb 2010
ACAMS Complimentary Web Seminar
Economic and trade sanctions have become tools of government policy that have wide-ranging impacts on various sections of the community.
Developing and maintaining efficient and cost-effective controls that ensure compliance is a real challenge.
How is your institution impacted by sanctions due diligence? How can you implement "industry best practice" in sanctions risk management?
AUSTRAC Supervision: Using AUSTRAC Data To Target Outlier Behaviour
15 Dec 2009
AUSTRAC collects close to 20 million transaction reports each year. These reports provide the regulator with a rich source of observable information about the compliance behaviour of reporting entities. As the transitional arrangements for reporting requirements of the AML/CTF Act draw to an end, AUSTRAC will increasingly use this material to identify outlier behaviour among reporting entities to target non-compliance.
Featured Speaker: Amanda Wood, General Manager Banking and Finance, AUSTRAC
Please visit our ACAMS Complimentary Web Seminars page to download the seminar recording.
Executive Board
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Guy Boyd, CAMS
Co-Chair
Guy Boyd is the Head of Compliance, Australia Division in Australia and New Zealand Banking Group Ltd (ANZ), headquartered in Melbourne. Prior to that he was Group Head of AML and Sanctions compliance at ANZ and a Senior Lawyer in ANZ's legal group and before joining ANZ in 2006, Guy worked for over 10 years in private legal practice at two major Australian law firms. Guy has a Bachelor of Commerce and Master of Laws from the University of Melbourne and is CAMS certified.
Email: Guy.Boyd@anz.com |
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Aub Chapman, CAMS
Co-Chair
Prior to his retirement, Aub Chapman was a career banker with over 42 years of professional experience.
In his last role at Westpac Banking Corporation, he was responsible for managing a number of functions including Group Fraud Control, Physical Security, Business Continuity Services, Cash and ATM Services as well as managing the group’s compliance with AML/CTF legislation.
Since his retirement, Aub has been consulting in both the public and private sectors, not only in Australia, but also internationally. He specialises in controls against financial crime and management of cash services. His international experience includes assignments for the United Nations, the Asian Development Bank, The Eurasian Group on Money Laundering (on behalf of the FSVC), Bank Negara Malaysia, Institut Bank-Bank Malaysia and the Labuan Offshore Financial Services Authority. He has been a guest speaker at a number of international AML/CTF conferences and international conferences associated with the cash services industry.
Aub is a founding member of the Australasian Chapter, a member of the ACAMS Education Task Force and received the ACAMS AML Professional of the Year award in 2009.
Email: aub.chapman@bigpond.com |
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Erum Khan, CAMS
Co-Secretary
Erum is a Financial Crime specialist with over 8 years of wide-ranging international experience. She is currently working at Westpac as a specialist AML/CTF advisor.
Previously, Erum has worked in the Deloitte Forensic practice in Sydney for several years, where she led AML/CTF and sanctions projects for various financial institutions. She has managed several projects in relation to conducting AML/CTF gap analyses and risk assessments, remediation of customer identification procedures and AUSTRAC reporting using data analytics, implementing sanctions control infrastructures, developing policies and procedures, conducting independent reviews, etc.
Erum has worked with ABN AMRO Bank at the regional AML/CTF office for Asia, based in Singapore, where she was involved with various aspects of AML and sanctions compliance for a number of Asian countries. She has also worked as compliance officer at ABN AMRO Pakistan where she was responsible for AML/CTF program implementation, operational risk management, training, legal matters, business continuity planning and information security management. Previously, she has also worked as a Compliance Manager for one of the largest banks in Pakistan.
Erum is CAMS certified since 2005 and holds a Master of Business Administration degree.
Email: erumkhan1981@gmail.com |
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Donna Maloney
Co-Secretary
Currently Donna is a Senior Manager, AML, Bribery & Sanctions (ABS) with National Australia Banks Group Compliance. The role of the Australian Group ABS team is to provide oversight, insight and advice on AML/CTF, Bribery and Sanctions matters across the NAB Australia operations which covers Retail, Business, Wholesale Banking and Wealth Management. A key function of Donnas’ role is to also maintain oversight and assessment of regulatory change relating to AML, Bribery and Sanctions.
Donna has a Masters in Business Administration (Marketing) and Graduate Diploma in Compliance; Donna has also recently been appointed as Co-Secretary to the Association of Certified Anti-Money Laundering Specialist (ACAMS) Australian Chapter.
Outside of work Donna is a Life Member and active patrolling member of the Hampton Lifesaving Club.
Email: donna.maloney@nab.com.au
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Julie Beesley, CAMS
Treasurer
Julie is the Group Head of AML and Sanctions at Westpac, one of Australia's Big Four Banks. She has wide-ranging global financial crime experience in more than 20 countries, principally in London, New York, Zurich and Sydney. To complement her professional career, she is also undertaking a research doctorate (PhD) in criminology at Sydney Law School, Sydney University; her area of research is chaos theory and organised crime.
Prior to joining Westpac, Julie’s career was in providing forensic, risk, regulatory and compliance services to the financial services industry. She is a former partner of Deloitte and has extensive international experience. Her financial crime experience ranges from local fraudulent misconduct to complex cross-border financial crime and litigation, with involvement in a number of high profile cases and investigations.
Julie is also a fellow chartered accountant, certified anti-money laundering specialist, certified fraud examiner and an associate of the Royal College of Science. She holds a Bachelor of Science (Honours) degree in Physics from Imperial College, London University and a Master of Criminology from Sydney Law School, Sydney University.
Email: julie@beesley.com |
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Stuart Hansen, CAMS
Co-Treasurer and Co-Programming Director (New Zealand)
Stuart Hansen is the Manager Financial Crime & Intelligence for Westpac New Zealand, based in Wellington New Zealand. Stuart has had 20 years Risk Management experience within Financial Institutions, the last 8 years in the Financial Crime and Economic Trade Sanctions.
Stuart is currently responsible for ensuring AML/CFT compliance, managing lending fraud investigations and the gathering of intelligence on financial crime trends with recommendation of controls to mitigate operational risks.
Stuart holds a Bachelor of Commerce from the University of Otago and a Post Graduate Diploma of Business Administration in Business Law from Massey University. Stuart has been a Certified Anti-Money laundering Specialist since 2008.
Email: Stuart_Hansen@Westpac.co.nz
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Phil O’Connell, CAMS
Co-Membership Director (New Zealand)
Phil O’Connell is Regulatory Affairs Manager with SKYCITY Entertainment Group Limited where his role involves managing a broad range of regulatory and compliance issues relating to the Company’s New Zealand casino operations.
In this capacity Phil is responsible for ensuring the SKYCITY satisfies its existing AML obligations as set out in the Financial Transactions Reporting Act and positioning the Company to meet its new obligations arising from the 2009 AML reforms in New Zealand.
Prior to joining SKYCITY Phil worked as a regulator with the Casino Control Authority responsible for regulatory oversight of casino operations and before that with the Department of Internal Affairs. His last role with DIA involved managing a team of inspectors at Christchurch Casino. He has held a variety of gaming policy and enforcement related roles with the DIA in Wellington.
Email: phil.oconnell@skycity.co.nz
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John Alfano
Co-Membership Director (Australia)
John is a Compliance Director with PayPal Australia Pty Limited (PayPal) and is currently the designated AML/CTF Officer. John has over 20 years experience in relation to performing regulatory projects within the Asia-Pacific region, mainly focusing on anti-money laundering/counter-terrorism financing (AML/CTF); economic and trade sanctions; bribery and corruption; fraud and misconduct, and the design and implementation of related control frameworks and systems.
Prior to joining PayPal in early 2011, for over 6 years, John was a consultant of a big four professional services firm, focusing on the financial services industry, providing financial crime services to banks as well as a number of e-commerce companies. For 11 years John was employed by a major Australian Bank in the capacities of a Senior Risk and Compliance Officer; Head of Group Fraud Control and Head of Financial Crimes Control. In this role, John developed and executed upon a strategic framework to enhance financial crime management within the Bank. This included 6 years in the role of Manager Investigations, responsible for performing employee fraud and misconduct investigations.
Prior to commencing employment with the major Bank, John was a designated Detective with the NSW Police Service, resigning with the rank of Detective Constable First Class. John holds a Bachelor of Business Degree from Monash University and an Associate Diploma of Criminal Justice from the University of Western Sydney.
Email: jalfano@paypal.com
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Paddy Oliver
Co-Communications Director
Paddy is a lawyer and consultant with 17 years legal, consulting and senior management experience. He is the Director, Legal Risk of SSAMM Management Consulting and runs the Melbourne office of SSAMM.
He has advised clients in the Australian financial services sector and in the Australian, UK & Irish legal sectors on AML/CTF encompassing the areas of: AML/CTF legislation and obligations; implementation; training; AML/CTF programs, process and systems. He has carried out Independent AML/CTF reviews.
Paddy is a leading commentator on the issue of AML/CTF legislation with a focus on the consequences for legal practice and legal practice management. He is a regular conference speaker on AML and compliance issues for both the financial services and the legal sector, and has articles published on AML/CTF in the major Law Society journals.
Paddy holds a law degree and a legal research degree from Trinity College, Dublin and a Masters of Business Administration from University of Ulster.
Email: poliver@lexcelcompliance.com.au |
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Crispin Yuen, CAMS
Co-Communications Director
Crispin Yuen is a compliance specialist in Financial Sanctions and Anti-Money Laundering. He is the founder of AML Sanctions, an integrated knowledge sharing platform for managing Financial Sanctions and AML risks and controls.
Crispin's last role prior to AML Sanctions was a Compliance Manager in Deutsche Bank's Monitoring, Surveillance & Investigations group in Central Compliance responsible for the Deutsche Bank’s Asia Pacific operations across 40 locations. Compliance monitoring includes identifying trading anomalies or potential market abuse and detecting unauthorised personal account dealings. The detection of insider trading, securities fraud and market manipulation are known predicate offences in money laundering.
In his previous role, Crispin was Manager AML/CTF and Sanctions, Group Operational Risk and Compliance at the Commonwealth Bank of Australia (CBA). He provided governance and advisory to all business units’ compliance functions. This included setting CBA Group-wide AML/Sanctions policies and promulgating internal guidance to help them embed AML/Sanctions compliance as part of the broader compliance obligations.
Crispin was previously in Deloitte – Forensic as a financial crime consultant providing AML/CTF and Sanctions risk advisory services to financial services organisations in Asia Pacific. Prior to Deloitte, he was a Technology and Security Risk consultant in Ernst & Young, Singapore assisting global organisations in their regulatory compliance including Sarbanes-Oxley 404. Crispin is CAMS certified and is also a certified information systems security professional (CISSP) and a certified information systems auditor (CISA).
Email: crispin@amlsanctions.com
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Cassandra Hewett
Co-Programming Director (Melbourne)
Cassandra Hewett is a Senior Manager within the Group Compliance Anti Money Laundering and Sanctions Team at Australia and New Zealand Banking Group Limited (ANZ). Cassandra's current role involves AML & Sanctions policy development and oversight of compliance to these policies across the Group.
Cassandra has been working in the financial services industry for ten years and prior to joining ANZ, Cassandra spent most of her time working in the United Kingdom in AML & Sanctions related fields. Prior to joining ANZ, Cassandra's spent some time at Barclays Bank plc in the Group Financial Crime Management Team where she worked to build and develop the Group Sanctions Team.
Email: Cassandra.Hewett@anz.com |
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Graham Gorrie, CAMS
Co-Programming Director (Sydney)
For more than twenty five years, Graham has acquired gambling industry experience both in the public and private sector. He has worked for state and federal regulators, in private practice as a litigation lawyer and held senior legal, compliance and regulatory positions with Tab Limited and Tabcorp Holdings Limited.
He has worked on many international and local legal projects, involving the supply, distribution and licensing of retail and online gambling products in various jurisdictions.
Graham’s experience also extends to anti-money laundering and its application within the gambling industry having developed AML/CTF programs while working in-house for Tabcorp Holdings Limited and for AUSTRAC as its Senior Adviser (Gambling) during 2008 and 2009.
He is principal of GRG Lawyers and Consultants, a legal /consulting practice in Sydney.
He holds a Bachelor of Laws from the University of Technology, Sydney NSW. He is a member of ACAMS and is a Certified Anti-Money Laundering Specialist (CAMS).
Email: grglawyers@bigpond.com
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Gary Hughes
Co-Programming Director (New Zealand)
Gary Hughes is a lawyer at Wilson Harle, a litigation and regulatory specialist/boutique law firm in New Zealand. His legal practice concentrates on a range of commercial and financial regulatory issues, including anti-Money Laundering, fraud, cartels and collusion, and white collar crime matters.
Gary has extensive experience in dealing with competition, securities and financial market regulators - as well as other government agencies. He handles both litigation and commercial/compliance advisory matters. He has been actively involved in New Zealand's AML law reform process since 2007 and has advised various reporting entities ranging from offshore multi–national banks to small domestic remittance businesses.
In the past, Gary worked with Chapman Tripp in New Zealand and Clyde & Co in England. While practising in London for several years, Gary handled insurance and financial services cases including AML compliance and civil disputes (eg 'false positive' problems), prosecutions for market manipulation and fraud (arising from the 'Hamanaka' copper market rogue trading), Lloyd's of London insurance market regulation, and FSA investigations and enforcement action.
Gary has degrees in Law (with Honours) and Commerce (Economics) from the University of Auckland, with Senior Prizes awarded in each faculty. He is also Vice-President of the Law & Economics Association of NZ, and regularly presents seminars/guest lectures and writes articles on his specialist areas: New Zealand's AML, and competition law, regimes.
Email: gary.hughes@wilsonharle.com
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Dr Hugh McDermott, CAMS
Programming Director (Webinars)
Dr Hugh McDermott is the Executive Director of Invictus Asia-Pacific, a consultancy specialising in advising clients on financial crime and regulation, corruption, anti-money laundering/counter terrorism financing, asset tracing and recovery. Hugh also holds the position of Senior Lecturer in Law Enforcement at the Australian Graduate School of Policing, Sydney.
Between 2009-2010 Hugh was the Senior Manager, Major Fraud & International Enforcement, with the Australian Securities & Investments Commission; from 2006-2008 was a Senior Litigation Attorney with a leading Law Firm in the Cayman Islands; and between 2002-2006 Hugh held the position of Legal Counsel - International (Asia/Pacific) with The Law Society of England & Wales.
Qualified as a Barrister in Australia, England & Wales and the Cayman Islands, Hugh is a graduate of the University of Technology, Sydney, The University of Sydney and holds a PhD in Law from King's College London. Hugh is also a Certified Anti-Money Laundering Specialist (CAMS).
Email: dr.hugh.mcdermott@invictus-apac.com
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Brett Webber, CAMS
Programming Director (Webinars)
Brett is an Associate Director in KPMG’s Forensic Practice in Sydney. He specialises in the technology dimensions of financial crime.
Brett joined KPMG after 15 years of technology consulting experience most of which has been gained with international consulting organisations. Prior to joining KPMG Brett led the financial services team at a listed Australian technology company where he developed solutions focused on AML/CTF investigation and compliance.
His clients currently include large and small banks, securitised mortgage lenders and gambling services businesses.
Brett is a Certified Anti-Money Laundering Specialist. Among other qualifications he has an MBA from the Australian Graduate School of Management
Email: brett.webber.93@alumni.agsm.edu.au |
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New Zealand Working Group Members:
Gary Hughes
Senior Associate, Wilson Harle
Email: gary.hughes@wilsonharle.com
Tim Morrison
Compliance Manager, OMFinancial Limited
Email: tim.morrison@omf.co.nz
What's New
Australia
Legislative Changes – Parliament & Attorney General’s Department
Iran Countermeasures
On 29 March 2011, the Minister for Home Affairs and Justice the Hon Brendan O’Connor MP and the Minister for Foreign Affairs, the Hon Kevin Rudd MP, released draft regulations for consultation as part of a package of measures to counter the risk of money laundering and terrorism financing posed by Iran.
Iran has been identified by Australia, and internationally by the Financial Action Task Force, as a jurisdiction with substantial money laundering and terrorist financing risks. Countermeasures are necessary to protect the integrity of the financial system by preventing criminals utilising weaknesses in Iran’s anti-money laundering and counter-terrorism financing regime.
The draft regulations amend the Anti-Money Laundering and Counter Terrorism Financing Regulations 2008 to prohibit high risk transactions of $20,000 or more, where a party to the transaction is physically in Iran, or an Iranian corporation, incorporated in Iran. High risk transactions have been identified as international funds transfers and issuing or dealing with:
- bills of exchange,
- promissory notes, and
- letters of credit.
Under the draft regulations, entities that wish to complete transactions which would otherwise be prohibited may seek an exemption from the Department of Foreign Affairs and Trade.
It should be noted that the Autonomous Sanctions Bill 2010 presently before Parliament would, if enacted, empower the Minister for Foreign Affairs to declare the offences in the regulations as ‘sanction laws’. This would have the effect of significantly increasing the penalties for contravening the regulations to the following:
- for individuals, a maximum 10 years’ imprisonment and a fine of $275,000 or three times the transaction value, whichever is greater; and
- for bodies corporate, a fine the greater of $1.1 million or three times the transaction value (the offence is a strict liability offence for bodies corporate)
The draft regulations will be complemented by draft amendments to Chapter 15 (Ongoing customer due diligence) of the anti-money laundering and counter-terrorism financing rules. The amendments require reporting entities to apply their ‘Enhanced customer due diligence program’ whenever the reporting entity is entering into or proposing to enter into a transaction where the party to the transaction is physically present in, or is a corporation incorporated in, a prescribed foreign country, such as Iran.
Autonomous Sanctions Bill 2011
Modeled on the Charter of the United Nations Act 1945, the bill provides a framework for Australia to implement autonomous sanctions which may be applied to specific governments, individuals or entities, or specific goods and services that are responsible for, or involved with, a situation of international concern.
The bill passed both Houses 10th May 2011.
http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;adv=yes;orderBy=customrank;
page=0;query=autonomous%20sanctions%20Dataset%3AbillsCurBef;rec=0;resCount=Default
Combating the Financing of People Smuggling Act, 2011
This was enacted in April 2011 with only minor amendments. The Act amends the Anti-Money laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) to introduce a more comprehensive anti-money laundering and counter terrorism financing (AML/CTF) regulatory regime for the remittance sector. Amendments are also made to the AML/CTF Act and Privacy Act 1988 to enable regulated businesses to use credit reporting data held by credit reporting agencies to verify the identity of their customers for the purposes of the AML/CTF Act.
AUSTRAC Costs Recovery Levy Bill 2011
The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011; Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Bill 2011; and Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Bill 2011 [Provisions] are currently before the Senate Legal & Constitutional Affairs Committee
These three related Bills give effect to a 2010-11 Budget announcement that the Australian Transaction Reports and Analysis Centre (AUSTRAC) will recover the costs of its supervisory activities.
The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011 creates the liability to levy. The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Bill 2011 provides for the collection of the levy and related administrative matters, such as issuing notice of assessments and late payment penalties. The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Bill 2011 amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to make it mandatory for reporting entities to enrol with AUSTRAC.
http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;
query=Id%3A%22legislation%2Fbillhome%2Fr4571%22
AUSTRAC
Cost Recovery
Details of the cost recovery legislation, model and charging structure.
http://www.austrac.gov.au/cost_recovery_info.html
Mandatory Enrolment of Reporting Entities
Part of the legislative package being considered by Parliament will require reporting entities to enrol with AUSTRAC. Currently reporting entities are encouraged to enrol with AUSTRAC but there is no mandatory requirement for them to do so. Over 17,000 entities have enrolled with AUSTRAC to date; however, AUSTRAC faces challenges in keeping its information about reporting entities up to date because it is not mandatory for them to enrol or to maintain the accuracy of their enrolment details. Mandatory enrolment will enable AUSTRAC to more accurately identify its regulated population which is necessary for the agency to calculate the levy and to invoice reporting entities.
http://www.austrac.gov.au/files/info_collection2.pdf
Draft AML/CTF Rules
Amending Chapters 8 & 9
These draft amendments to Chapter 8 & 9 require reporting entities to expressly state in their standard AML/CTF program what obligations they have under the AML/CTF Act, and to specify in broad terms the systems and controls which they have implemented in regard to those obligations.
http://www.austrac.gov.au/aml_ctf_rules.html
Survey of the Non Bank Lending & Finance Sector
In October 2010, AUSTRAC concluded a survey of the non-bank lending and finance sector. The survey gathered information about the capacity of entities in the sector to identify and submit suspicious matter reports to AUSTRAC. The survey results, including a range of key findings, have been compiled into a concise three page document.
http://www.austrac.gov.au/files/non_bank_survey_results2.pdf
New Zealand
Under Section 131 of the AML/CFT Act, one of the functions of each AML/CFT supervisor is to assess the level of risk of ML/TF across all of the reporting entities if supervises. Sector risk assessments
(SRA) have now been produced by each of the three supervisors.
The sector risk assessments are intended to assist the supervisors in their understanding of particular ML/TF risks within their designated sector and provide guidance to reporting entities on the specific risks relevant to their sector or sub-sector. The SRAs also contribute to the NZ Police Financial Intelligence Unit assessment of ML/TF risks in New Zealand financial institutions.
Reporting entities will use the SRAs to assist with the formulation of their own assessments of the ML/TF risks that they may reasonably expect to face in the course of their businesses in keeping with the requirements of Section 58 of the Act. These individual risk assessments will underpin the systems and processes reporting entities develop to meet their AML obligations.
Regulations which are expected to flesh out details of the AML/CFT Act have yet to be promulgated but are expected to materialise soon.
Reporting entities are likely to have a two-year window from the time the Regulations are promulgated to the time the full AML reforms take effect.
Ministry of Justice
http://www.justice.govt.nz/
The NZ Ministry of Justice released the AML/CTF Regulations Consultation Document on 9th August. Consultation closed on 6th September.
Of note, the AML/CFT Act obligations will commence in November or December 2012.
The Consultation Document covered key areas such as:
http://www.justice.govt.nz/publications/global-publications/a/aml-cft-regulations
-consultation-document/aml-cft-regulations-consultation-document/at_download/file
It is anticipated that AML/CTF Regulations will be approved by Cabinet in early 2011. The process thereafter being the granting of Royal Assent by the Governor General.
Reserve Bank of New Zealand
http://www.rbnz.govt.nz/aml/index.html
New Zealand Securities Commission
http://www.sec-com.govt.nz/aml-cft/index.shtml
Department of Internal Affairs
http://www.dia.govt.nz/diawebsite.nsf/wpg_URL/
Services-Anti-Money-Laundering-Index?OpenDocument
The Reserve Bank of NZ and the other two AML supervisors (the Securities Commission and the Department of Internal Affairs) have all sent out surveys to their respective reporting entities. These surveys are to assist with the sector and national risk assessments. These risk assessments will be public documents and are expected to be released when the regulations are finalised. This is likely to be towards to end of the year or the beginning of 2011.
Links
Australia
AML Act, 2006
http://www.comlaw.gov.au/Details/C2011C00420
AML Rules (No. 1), 2007 (Compilation)
http://www.comlaw.gov.au/Details/F2011C00081
AUSTRAC Draft Rules
http://www.austrac.gov.au/aml_ctf_rules.html
Autonomous Sanctions Act, 2011 (Compilation)
http://www.comlaw.gov.au/Details/C2011A00038
Australian Bills
http://parlinfo.aph.gov.au/parlInfo/search/search.w3p
Senate Committee Inquires (Legal & Constitutional Affairs)
http://www.aph.gov.au/Senate/committee/legcon_ctte/index.htm
Attorney General’s Department AML/CTF Updates
http://www.ag.gov.au/www/agd/agd.nsf/Page/Anti-money_laundering
New Zealand
AML/CFT Act, 2009
http://www.legislation.govt.nz/act/public/2009/0035/latest/whole.html#dlm2140720
AML/CFT Regulations Consultation
http://www.justice.govt.nz/publications/global-publications/a/aml-cf
t-regulations-consultation-document/aml-cft-regulations-consultation-document
Ministry of Justice AML/CFT Page
http://www.justice.govt.nz/policy/criminal-justice/aml-cft/aml-cft-act/?searchterm=aml
NZ Reserve Bank AML
http://www.rbnz.govt.nz/aml/index.html
Financial Markets Authority
http://www.fma.govt.nz/about-us/what-we-do/anti-money-laundering-and-countering-financing-of-terrorism/
Department of Internal Affairs
http://www.dia.govt.nz/DIAWebsite.nsf/wpg_URL/Services-Anti-Money-Laundering-Index?OpenDocument
International Organisations
Financial Action Task Force (FATF)
Asia Pacific Group on Money Laundering (APGML)
Archive
Australasian Chapter Annual General Meeting
23 Nov 2010
Lindsay Chan (APG Secretariat), Brett Webber, Gary Gill from KPMG (Host) and ACAMS members.
Tim Land, Graham Gorrie, Brett Webber, Erum Khan, Julie Beesley, Lindsay Chan, Aub Chapman and Crispin Yuen
Presentations
Co-Chairs' report presented on behalf of the outgoing board
Lindsay Chan (APG Secretariat) presentation
Board Meetings
3 Aug 2010
4 May 2010
2 Feb 2010
Sydney
The challenges still faced by industry in designing and implementing a risk based AML/CTF Program.
19 Aug 2010
Erum Khan, Deborah Nutting, Chris McNeil, Karen Nitschke, Crispin Yuen and Tim Land
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Over forty AML professionals gathered in Sydney at the offices of UBS Australia on 19 August for a discussion on the ‘Evolution of the Risk Based Approach’. Presentations were provided by Chris McNeil of UBS and Karen Nitschke from AUSTRAC.
Despite three years of experience, there is still a great deal of conjecture on exactly what a risk based approach entails and the challenges faced by industry in designing and implementing a risk based AML/CTF program. The presentations focused on the genesis of the risk based approach, international perspectives on how to implement it and how it can evolve in the Australian regulatory environment.
Chris provided an overview of the risk based approach with a particular focus on Europe and the guidance provided by FATF. Drawing on his time in London as Head of Anti-Money Laundering compliance at international law firm Freshfields Bruckhaus Deringer; Chris provided insights into the negotiation process around the requirements for the legal profession. A key message from the presentation was the need for industry to focus 90% of its time on 10% of its clients.
Karen is Senior Manager in the Major Reporters team within frontline Supervision at AUSTRAC. She brought the regulator’s view, practical observations and insights from recent site assessments. Karen was interested to hear whether lobbying for a risk based approach provided the outcome that industry may have initially thought it would or if in hindsight it may have chosen more prescription. The room was, of course, also very interested to hear about AUSTRAC’s priorities for the coming year.
After an engaging Q and A session, all participants enjoyed networking drinks.
Melbourne
Lunchtime Workshop
10th Nov 2010
Gavin Coles and Paddy Oliver facilitated discussions on sanctions risk (including reputational risk) and the new FATF beneficial ownership proposals. All the attendees contributed to a lively and knowledgeable discussion.
Workshop: AUSTRAC Consultations: Making your voice heard.
7th Jul 2010
A members’ lunchtime workshop was held in Melbourne on 7th July in the office of leading law firm, Lander & Rogers. The topic for discussion was “How to Consult With AUSTRAC”. The workshop was designed as an informal session. The advertised agenda was focussed on industry consultation as part of AUSTRAC's Rule making process. The purpose was to assist in making submissions, how to identify and track issues relevant to your industry, techniques for increasing senior management support, industry versus individual reporting entity submissions (pros and cons) and how to manage situation where the vies of your organisation differ from your peers. The event was facilitated by Board members Bill Brown, Paddy Oliver and our Co-Chair, Guy Boyd.
Auckland
9th Nov 2010
The Chapter held a very successful event in Auckland. Approximately 60 people attended the evening and stayed to put a dent in the PwC wine cellar, so that was pleasing. The New Zealand members are keen to see the release of the AML/CFT Regulations (hopefully in early 2011).
Guest presenters in Auckland from OFCANZ, Malcolm Burgess and Brett Kane (centre), with Board Director, Alex Tan (left) and NZ Working Group member, Gary Hughes (right).
New Zealand's New AML/CFT Regime - What do the Supervisors Think?
13 Apr 2010
In October 2009 New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009 received Royal Assent. Although some parts of the Act have come into force, for the most part the main obligations will not come into effect until 2011 or 2012. Regulations, which will contain much of the detail, have not yet been released although the Ministry of Justice has invited submissions on the regulations and codes of practice through a discussion document.