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.
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