Over the past 12 months the Australian Transaction Reports and Analysis Centre (AUSTRAC) has seen the number of suspicious matter reports increase by 51%.
As a result, AUSTRAC, Australia’s financial intelligence unit and anti-money laundering and counter-terrorism financing regulator has taken a hardline approach with a number of landmark cases and penalties issued. In fact, as a result of the landmark $700 million penalty against the Commonwealth Bank of Australia in 2018, there has been a sharp lift in “self-disclosure” from companies it regulates. This means more review, more action and more coordination will have to be done in months and years ahead.
View the latest report on The State of Financial Crime 2019 to understand how AUSTRAC plans to support reporting entities and private sector partners mitigate risks and strengthen the financial system.
The financial services industry invests huge amounts of resources to tackle financial crime, however the scale and impact of the problem are immense, with criminals continually evolving their capabilities to exploit the existing AML framework. This is because the current regulatory framework is not effective enough to empower financial institutions to combat the continuously evolving networks and tools available to criminals.
Based on interviews with key players from financial institutions and law enforcement as well as policy makers and regulators, this report from Deloitte UK, in conjunction with The Institute of International Finance, The global framework for fighting financial crime, explores seven key areas in financial crime regulation:
To learn more grab a copy of the report now.
Ahead of the 6th Australian Financial Crime Summit, we chat to Kathleen Gaynor, Learning & Development Lead, Group Compliance at ANZ Bank, on fighting fincrime amidst new wave of regulations.
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In order to overcome these problems and prevent them from occurring in the first place, local governments need to employ closer monitoring, greater compliance with governance frameworks, and embed an organisational wide culture that encourages employees to raise concerns and assures their protection in this occurrence.
With this in mind, ahead of the Australian Financial Crime Summit 2020, we caught up with Alan MacSporran, QC Chairperson at the Crime and Corruption Commission Queensland. Alan outlines strategies and best practice for local governments to follow as a means of reducing internal misconduct.
Ahead of the Australian Financial Crime Summit 2020 take a look at some of the most highly rated presentations from the 2019 event.
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