Note: Please ensure to attend the live event as no recording will be made.
Happy New Year. It is already looking like 2021 will be another big year for the Australasian Financial Crime Community. In December 2020, the Australian Government passed the Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019.
Known as “Phase 1.5”, the Bill represents the second phase of reforms from the recommendations of the Report on the Statutory Review of the AML/CTF 2006 in 2016, which were also identified by the FATF mutual evaluation in 2014. Whilst yet to be implemented by AUSTRAC, the Bill makes a number amendments that will impact Australia’s AML/CTF regime in 2021:
Expands the circumstances that reliance can be placed on the customer identification and verification procedures undertaken by a third party
Explicitly prohibiting reporting entities from providing a designated service if customer identification procedures cannot be performed
Strengthens the due diligence requirements for correspondent banking relationships
Expands exceptions to the prohibition on tipping off to permit the sharing of suspicious matter reports (SMRs) in limited circumstances
Expands the rule-making powers of the Chief Executive Officer of AUSTRAC
|The session will explore these key changes introduced by the Bill, and how Reporting Entities might prepare for their introduction later in 2021.
Note: Additional guest speakers to be confirmed.
1 ACAMS Credit **Please note that ACAMS credit for this virtual event is available to members of the Chapter only.