The AML/CTF Advisers’ Forum 2024 highlighted AUSTRAC’s focus on strengthening compliance, improving reporting, and addressing emerging financial crime risks. For AML Assist clients, this means learning to stay proactive, agile, and compliant in a changing landscape. Our team ensures you’re equipped to meet regulatory priorities, implement risk-based approaches, and adapt to AUSTRAC’s evolving expectations. Ready to start planning your approach to the changing regulations? Let’s talk: https://loom.ly/P3wAEJk #AMLAssist #AMLCTF #AUSTRAC
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In July 2021, the EU proposed a new Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) legislative package, including the creation of an EU AML Authority ⚖️ Key elements cover outsourcing, policies, procedures, governance, and reporting requirements. The Anti-Money Laundering Authority (AMLA) will also be established this year, with new AML rules phased in by mid-2027 📑 Learn more in our latest Financial Crime & Compliance Short Read: https://pwc.to/3VIgSyu
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Excited to share that I've successfully completed the Whistleblowing and ABC Policy Anti-Money Laundering & Combatting the Financing of Terrorism (EU) Foundation Course! 🎉 This comprehensive training has equipped me with the necessary tools and knowledge to ensure compliance with AML/CTF regulations and uphold the highest standards of integrity within our organization. Whistleblowing and ABC policies are essential components in our efforts to mitigate financial crime risks and maintain trust in the financial system. #AML #CTF #Whistleblowing #ABCPolicy #FinancialCompliance #ContinuousLearning
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Examiner AML/CFT Supervision - Bank of Zambia | Risk and Compliance Specialist | ACCA Zambia Network Panel Member
AML/CFTP Governance - Focusing on Board and Senior Management Oversight In our ongoing series on Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFTP) insights, this week, we look at the critical roles of the board of directors, and senior management in ensuring effective governance. Robust oversight is essential to ensure compliance with local regulations, international standards such as those set by the Financial Action Task Force (FATF), and safeguarding financial institutions against financial crimes. Attached is this weeks article. Happy reading >>>> #AML #CFTP #Insights #Compliance #Governance
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The much awaited EU AML/CFT package was published in the EU Journal 2 days ago. One of the main changes being the introduction of an EU wide AML regulation as compared to the AML Directives only implies that quicker action should be taken with respect to abiding to the new regulations. Take a look at our short read for the timeframes applicable.
In July 2021, the EU proposed a new Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) legislative package, including the creation of an EU AML Authority ⚖️ Key elements cover outsourcing, policies, procedures, governance, and reporting requirements. The Anti-Money Laundering Authority (AMLA) will also be established this year, with new AML rules phased in by mid-2027 📑 Learn more in our latest Financial Crime & Compliance Short Read: https://pwc.to/3VIgSyu
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Belize Hosts Discussion on AML/CFT Compliance Challenges and Strategies for Caribbean Nations - https://lnkd.in/eNt7QpKg - The debate aimed to raise awareness, foster collaboration, and propose actionable solutions to mitigate the impact of AML/CFT.
Belize Hosts Discussion on AML/CFT Compliance Challenges and Strategies for Caribbean Nations
https://financeamericas.com
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KordaMentha and Transparency International Australia have co-authored the report: "Stopping Dirty Money in Australia and Cambodia". The report explores the drivers of money laundering and the value of funds originating from Cambodia into Australia over the last seven years. Visit the link in their post below to get the report 👇 Deborah Young Alison Shapiera Rachel Waldren Grace Mason GAICD #RegTech #RegTechMatters #RegTechGlobal #AMLCTF
The Attorney-General announced a boost to AUSTRAC's funding in the upcoming federal budget, to fund new reforms to Australia’s AML/CTF regime. The announcement coincides with the release of KordaMentha and Transparency International Australia’s report into the money laundering vulnerabilities in Australia and Cambodia’s AML/CTF regimes. https://lnkd.in/gi7r5CJD
Strengthening Australia's money-laundering defences
kordamentha.com
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Very interesting read. I found particularly compelling the point about "Alternative Measures" and how they could help promoting financial inclusion.
Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).
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If you don't believe that you can change the world, then you're part of the group that won't change it. (Jacque Fresco)
The Wolfsberg Group's feedback reflects a nuanced understanding of the tension between financial inclusion and AML/CFT compliance. Their advocacy for "alternative measures" is particularly salient, addressing the exclusionary nature of rigid compliance frameworks for underserved communities. By emphasizing proportionality and encouraging national-level support for innovative solutions like digital IDs, the Group balances inclusivity with risk management. However, FATF and national regulators must ensure that such flexibility does not inadvertently create loopholes for exploitation. Safeguards against misuse of alternative measures, combined with clear regulatory support and technological oversight, will be crucial for success. The Wolfsberg Group’s proposal fosters a pragmatic pathway to achieving AML/CFT objectives while promoting equitable access to financial services.
Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).
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AML DIRECTOR - expert in, financial services and banking Risk/Compliance, and corporate Governance.
An ever evolving regulatory landscape.
Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).
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The Wolfsberg Group have recommended including the term "proportionate" to reinforce the importance of a risk-based approach and suggested the addition of "alternative measures" to address financial inclusion, ensuring that financial institutions can design appropriate solutions for lower-risk customers without solely relying on simplified due diligence.
Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).
