Director of Phase II Implementation
New Zealand Department of Internal Affairs
9:30 AM Case Study: Learning from International examples to Predict the Impact of Tranche 2 Regulations
In the 2015/2016 Financial Year alone, Australia received approximately $1Bn in suspicious transactions from foreign buyers across the real estate industry, coupled with a further $13m in high value goods confiscated by the police, which had been purchased with laundered money. In response, the Australian Government has announced a broadening of its AML/CTF regulations to apply to a broader range of industry professionals, referred to as Tranche 2. Across the Tasman, New Zealand has already begun implementing its own set of broadened compliance regulations, referred to as Phase 2. With the initial stages of Phase 2 having been implemented in July of this year, the New Zealand example gives Australian institutions and professionals an idea of what to expect when our own Tranche 2 laws arrive.
- Drawing on International methods to improve your own AML/CTF capabilities
- Using international context to better adapt to legislative change
- Reviewing enforcement methods and approaches to fraud