For this “fishbowl” session, audience members who raise their hand, figuratively speaking, beforehand will be invited to take a guest turn on stage and share their take on the topic. Step up – literally – and help lead this thought-provoking discussion, made richer by your participation.

The growing number of banking services offered by third parties has attracted increasing interest from traditional financial institutions — and scrutiny from AUSTRAC. In its 2024 Regulatory Priorities report, Australia’s FIU and regulator notes that “generic and template AML/CTF programs” won’t pass muster. In addition, the report notes “many situations” where “reporting entities have outsourced certain AML/CTF functions without appropriate due diligence and ongoing oversight.” This session will discuss how to reap the benefits of Banking as a Service while maintaining a strong culture of compliance.

You will learn how to:

• Align outsourcing decisions with your institution’s approved risk appetite

• Perform due diligence on third-party providers, including identifying what elements of a third-party provider’s services need to be examined

• Avoid a template approach by ensuring that third-party services are tailored to meet specific AML/CTF needs