The threat of cyber crime and fraud is one of the most contentious issues facing financial institutions to date. As technology advances, so do the methods for criminals to cause potentially irreparable damage. Paul Hurrell, Australasian Zone Manager, Anti-Fraud and Investigations – Global Investigative Services Group at AIG, discusses how financial institutions can establish an effective cyber crime and fraud prevention plan to target cyber threats and fraud at the source, and still maintain the balance between customer and business needs.
AML/CTF Act: What impact will the new findings have on reporting entities to prevent financial crime?
Australian banks and many other financial institutions have been subject to AML/CTF obligations for a very long time, and therefore have good basic processes in place. However, it’s a changing environment across both technology and legislative requirements. In this article, Aub Chapman, Director at Aub Chapman Consulting Services & the Co-Chair of the ACAMS Australasian Chapter, discusses how the recent Report on how the Statutory Review of the AML/CTF Act could influence the way reporting entities adhere to regulations with more guidance on compliance and AML/CTF programs.
On 1 June 2014, additional Customer Due Diligence (CDD) requirements came into effect under the AML/CTF Act. Reporting entities now have obligations such as identifying and verifying beneficial owners of their customers, which reflect how important transparency and visibility are in the fight against financial crime. However, driving an effective and efficient CDD approach is by no means a straightforward process, because financial institutions are required to screen and review transactions that present a variety of high ML/TF risks. Elena Lasa, Head of Compliance – Australia & New Zealand, Ria Financial Services, shares insight into how financial institutions such as remittance network providers (RNP) can meet the additional CDD requirements, and balance business excellence with AML/CTF compliance.