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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.
In this presentation from Australian Financial Crime 2016, Tony Prior, Director, Supervision, AUSTRAC, explores:
- Creating a robust risk management system to protect your organisation
- Regulation – to keep the financial system free of criminal abuse
- The future – looking forward to new frontiers
In this presentation from Australian Financial Crime 2016, Sean Hughes Chief Risk & Legal Officer, UniSuper, explores:
- Working with your compliance team to conduct third party due diligence review
- Determining when a third party audit is required
- Reporting to senior management on compliance risks during business planning
- Establishing and implementing practical guidance for entertainment, gifts and travel policies
In this presentation from Australian Financial Crime 2016, Andrew Lawrence, Senior Legal Officer Fraud, Security and Integrity Reform Branch, Attorney - General’s Department, explores:
- Utilising informed technology and business decisions to carry out risk management techniques
- Gaining executive buy-in and control in support of AML/CTF & Fraud risk models
- Investing in a more integrated enterprise financial crime risk management platform
- Carry-ing out a self governance plan that will benefit your entity & satisfy the regulators
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Improving money laundering and fraud detection: Lessons learned from South Australian Police’s Operation ‘Profiteer’
Darren Crowhurst, Detective Brevet Sergeant, Major Fraud Investigation Section (156) was the lead Detective on ‘Operation Profiteer’, an investigation conducted in 2016 by the SA Police – Major Fraud Investigation Section into money laundering. The investigation identified 43 scam/fraud victims worldwide, and resulted in the arrest of an offender for over 600 counts of money laundering totaling nearly 700,000 dollars.
Based on his experience during the investigation, in this article Darren shares the key detection methods and red flags that led to the identification and arrest of a South Australian criminal, and the lessons organisations in the financial services sector can learn from the investigation to strengthen their own AML programs.
In this interview, Graham Leney, Head of Group Financial Crime Compliance at AMP explores AMP’s approach to identifying crime and corruption and how new technologies can aid in the prevention of money laundering, fraud and corruption.