- Association of Certified Anti-Money Laundering Specialists

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The ACAMS Australasian Chapter was formally established in late 2007 with the main objective being to support ACAMS in its mission to advance the professional knowledge, skills and experience of those dedicated to the prevention and detection of money laundering. A second and equally important objective is to provide local AML professionals with a support network of like-minded persons and to deliver member events throughout the region.

For inquires contact info@acams.org.au.

The Chapter will assist ACAMS with the development of a CAMS elective sub-certification examination module that tests knowledge and understanding of Australia’s and New Zealand’s Anti-Money Laundering legislative regimes.

The Chapter covers the Australasian region which includes:

Australia
New Zealand
Papua New Guinea
Pacific Islands

Membership

For membership enquiries contact John Alfano at jalfano@paypal.com or Phil O'Connell at phil.oconnell@skycity.co.nz.

Please note, in order to join the Chapter it is a pre-requisite to be an ACAMS member.

Upcoming Events

Melbourne

The second ACAMS Australasian Chapter event in Melbourne for 2012 is a must attend session on the new FATF Standards by Prof Louis De Kofer. The date is Tuesday, 22nd May, and the venue Lander & Rogers Lawyers, 600 Bourke St.

Topic: The New FATF Standards and Potential Impact on Australia and the Asia Pacific Region.
Speaker: Louis de Koker
Location: National Australia Bank, 800 Bourke St, Melbourne
Venue: The Academy, Level 1, 800 Bourke Street
Date: Tuesday, 22nd May, 2012
Time: 5.45pm for a 6pm start. The event will finish by 7.00pm.
Price: ACAMS Australasian Chapter Members - complimentary
ACAMS Members (Non-Chapter Members) - $10
Non-ACAMS Members - $25
Payment: Cash only on the day. Receipts will be issued.
RSVP: By no later than Friday, 18th May.
http://www.surveymonkey.com/s/RTG98BR

NOTE: Please bring ACAMS membership card or number with you.

Please feel free to forward this invitation to a colleague who might be interested to attend.

Guest Speaker's Bio: Louis de Koker is a professor of law at the School of Law at Deakin University, Melbourne, Australia. Prior to joining the university, he was the director of the Centre for the Study of Economic Crime and a professor of mercantile law at the University of Johannesburg. He currently leads Deakin University’s postgraduate program in financial crime and risk management.

Louis’s scholarship focuses on money laundering and combating the financing of terrorism laws. He is a policy advisory consultant on AML/CFT for the Consultative Group to Assist the Poor (CGAP) and a consultant to the World Bank’s Financial Market Integrity Unit. In these capacities, he advised various regulators on risk assessment and the drafting of appropriate regulations.

In addition to publishing more than two dozen papers and articles on AML/CFT in peer-reviewed journals, he is the author of South African Money Laundering and Terror Financing Law (LexisNexis 2011) and a co-author of Protecting Mobile Money Against Financial Crime: Global Policy Challenges and Solutions (World Bank 2011). He is a member of the editorial advisory boards for the Journal of Money Laundering Control, the Journal of Financial Crime, and the Company Lawyer and was a member of the FATF project team that produced the FATF’s guidance on financial inclusion in 2011. This guidance in turn, impacted on the revised FATF Recommendations regarding the risk-based approach.

We look forward to seeing you there.

Auckland

This extremely timely New Zealand focused AML/CFT forum is being held from the 21st to 23rd August 2012 at the Pullman Hotel in Auckland, New Zealand. The forum has been tailored to provide you with critical information about AML/CFT to help you meet the requirements and deadlines of the AML/CFT Act.

The forum is an opportunity to discuss implementation challenges with industry and consulting experts. Challenges include the period of adjustment involved with using new systems and controls, the shift of relevant laws, financial intelligence and global AML trends. It will also help you deal with the practical challenges associated with the myriad of changes required.

The AML CFT Summit 2012 will be the most comprehensive event on the subject that New Zealand has ever seen.

Download PDF Flyer

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

FATCA and Beneficial Ownership
13 Mar 2012

The first Sydney event for 2012 was held on Tuesday 13th March at the office of PwC with 30 attendees. Graham Gorrie, Sydney Programming Director welcomed the presenters and attendees. It was a new experience having two topics delivered by experts in their own right - Elizabeth Goodbody and David Snowden from PWC who took the audience through the FATCA obligations. This was followed by Hugh McDermott on Beneficial Ownership. The attendees certainly showed enthusiasm in wanting to know more about these areas. There was a long list of pre questions which the speakers dealt with during their presentations as well as questions, comments from the floor and post presentation discussions. These were certainly good indicators that the event was well received and appreciated by everyone. ACAMS wishes to thank PWC for providing the venue, fine refreshments and ongoing support.

4th Annual ACAMS Anti-Money Laundering & Counter-Terrorism Financing Conference - Asia Pacific - Bali, Indonesia
2-3 Apr 2012

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.

Compliance Seminar
Anti-money laundering (AML) & Foreign Account Compliance Act (FATCA)
6 Sep 2011

The seminar offered 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.

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

11 Oct 2011
8 Feb 2011
12 Apr 2011
28 Jun 2011
23 Aug 2011

ACAMS Australasian Chapter Complimentary Webinars

ACAMS Australasian Chapter Complimentary Webinar
The NZ Supervisory Approach - Understanding the Impact of the New Regulations
9 Sep 2011

Executive Board

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Rodney Willis
Programming Director (Webinars)

Rodney is currently working at Westpac as an AML/CTF advisor for the Group AML/CTF team which sets and monitors compliance across the Westpac Group's policy, program and standards.

He also provides technical guidance and support to AML/CTF representatives across the Group.

Prior to working at Westpac, Rodney spent ten years working in various roles across the financial services industry (banking, superannuation and asset management). He held a variety of responsibilities ranging from quality assurance and client services to relationship management. During that time, he gained operational AML/CTF experience by being exposed to the complex frontline impacts that are a reality among global asset management organisations doing business in Australia.

Rodney is a Certified Anti-Money Laundering Specialist (CAMS) and holds a Bachelor of Science.

New Zealand Working Group Members:

Tim Morrison
Compliance Manager, OMFinancial Limited
Email: tim.morrison@omf.co.nz

Geoff Owen
Manager - Forensic Services, PricewaterhouseCoopers
Email: geoff.w.owen@nz.pwc.com

What's New

Australia

AUSTRAC publishes list of authorised external auditors

On 15 November 2011, AUSTRAC has published a list of individuals it has authorised as external auditors.

http://www.austrac.gov.au/authorised_auditors.html

AUSTRAC's CEO John Schmidt today announced that 73 individuals have been authorised to be external auditors under section 164 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The term of authorisation will be for two years.

http://www.austrac.gov.au/authorised_auditors.html

AUSTRAC survey series

In April 2012, AUSTRAC updated its survey series which aim to help reporting entities understand and comply with their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF) and the AML/CTF Rules. They include:

Survey of financial services intermediaries
Survey of reporting entities in the superannuation sector
Survey of the non-bank lending and finance sector
Market Participants in the securities and derivatives sectors
AML/CTF compliance officers in Australia

http://www.austrac.gov.au/survey_series.html

Iran countermeasures documents available in Farsi

AUSTRAC has published on its website Farsi-language versions of ‘Guidance note 12/02: Countermeasures applied to Iran’ and the accompanying fact sheet, which explain new AML/CTF obligations affecting all businesses that deal with Iran.
http://www.austrac.gov.au/guidance_notes.html

Draft modification of the AML/CTF Act and Draft AML/CTF Rules published for consultation

On 27 March 2012 AUSTRAC published for public consultation a draft AML/CTF Instrument and a Draft AML/CTF Rule which, respectively, modify section 107 of the AML/CTF Act and make amendments to Chapter 29 of the AML/CTF Rules, both of which relate to record-keeping obligations for reporting entities.

http://www.austrac.gov.au/aml_ctf_rules.html

AML/CTF Rules Instrument registered

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2012 (No.1), which includes a new chapter dealing with warrants, has been registered and can be found on the ComLaw website.

http://www.comlaw.gov.au/Details/F2012L00111

In late February 2012, AUSTRAC issued invoices to REs for the 2011/12 supervisory levy and will issue invoices for the 2012/13 year in October 2012.

http://www.austrac.gov.au/cost_recovery_info.html

AUSTRAC guidance note registration obligations for remittance service providers

AUSTRAC has published a guidance note to assist remitters to understand the changes to their registration obligations from 1 November 2011
On 1 November 2011 enhancements to the regulation of remittance services came into effect.

These included the introduction of the new Remittance Sector Register. The new register will replace the previous Register of Providers of Designated Remittance Services.

All businesses intending to provide remittance services must apply to AUSTRAC to be registered on the new register this includes remitters who have previously registered with AUSTRAC on the old register. Independent remittance dealers have until 30 April 2012 to apply to AUSTRAC for registration on the new Remittance Sector Register, while remittance network providers have up until 31 October 2012 to apply for registration for themselves and their affiliates.

Answers to FAQs about the registration process are available on AUSTRAC’s website.

http://www.austrac.gov.au/new_registr_req.html

New Zealand

While some aspects of New Zealand’s AML/CFT Act are already effective, the obligations as they relate to reporting entities take effect on 30 June 2013. Regulations providing for the commencement of the full AML/CFT regime were promulgated last year and countdown has now begun.

The obligations contained in the new legislation extend to financial institutions, casinos, certain financial advisers, and trust and company service providers.

The new regime imposes a range of obligations on reporting entities designed to bring New Zealand into line with the FATF’s 40 general recommendations and 9 special recommendations. Before establishing an AML/CFT programme, all reporting entities are required to first undertake an assessment of the risk of money laundering and the financing of terrorism that it may reasonably expect to face in the course of its business. This risk based approach has also been adopted in Australia and is favoured by FATF.

A national risk assessment and sector risk assessments have already been produced by the Police FIU and the three supervisory agencies – the Reserve Bank, Financial Markets Authority and Department of Internal Affairs. Individual reporting entities will be responsible for developing a more detailed assessment of risk at the business level.

Having three supervisory agencies responsible for the oversight of their own specific reporting entities with Police retaining investigative responsibility represents a departure from the Australian model where there is a single regulator which deals with all AML issues. The Act provides for a co-ordination committee comprising officials from various agencies, including supervisors to ensure consistent and effective implementation of the regime.

The supervisory agencies will produce guidelines and codes of practice to ensure reporting entities understand their obligations under the Act including how best to achieve compliance with those obligations.

Further information relating to the new regime can be found below.

Ministry of Justice

http://www.justice.govt.nz/

http://www.justice.govt.nz/policy/criminal-justice/aml-cft/main/

Reserve Bank of New Zealand

http://www.rbnz.govt.nz/aml/index.html

New Zealand Securities Commission

http://www.fma.govt.nz/keep-updated/reports-and-papers/

Department of Internal Affairs

http://www.dia.govt.nz/diawebsite.nsf/wpg_URL/Services-Anti-Money-Laundering-Index?OpenDocument

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