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💵 💰 𝗟𝗮𝘄𝘆𝗲𝗿𝘀, 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁𝘀 𝗮𝗻𝗱 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗮𝗴𝗲𝗻𝘁𝘀, you are about to be impacted by new anti-money laundering and counter-terrorism financing (AML/CTF) laws as part of "Tranche 2" laws. Tranche 1 AML/CTF laws applied to higher risk sectors like financial institutions, gambling services, currency exchange providers and payment service providers. 𝗦𝗼 𝘄𝗵𝗮𝘁 𝗱𝗼𝗲𝘀 𝘁𝗵𝗶𝘀 𝗺𝗲𝗮𝗻❓ Based on the experiences from Tranche 1 impacted businesses, these are the likely impacts: 𝟏) 𝙄𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙍𝙚𝙦𝙪𝙞𝙧𝙚𝙢𝙚𝙣𝙩𝙨:  Similar to the financial sector, the newly covered entities would need to develop and implement AML/CTF programs, conduct customer due diligence, and report suspicious activities. 𝟐) 𝙊𝙥𝙚𝙧𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝘾𝙝𝙖𝙣𝙜𝙚𝙨:  Businesses would need to establish new procedures and possibly invest in technology and training to comply with the new regulatory requirements. 𝟑) 𝙄𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙 𝘾𝙤𝙨𝙩𝙨: Compliance with AML/CTF obligations may result in additional costs for businesses, including investments in compliance systems, training, and personnel. 𝟒) 𝙄𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙 𝙇𝙚𝙜𝙖𝙡 𝙖𝙣𝙙 𝙍𝙚𝙥𝙪𝙩𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙍𝙞𝙨𝙠𝙨:  Non-compliance will lead to legal penalties and reputational damage, incentivising businesses to prioritise adherence to new AML/CTF regulations. E.g. In 2018, CBA was fined AUD 700 million for breaching AML/CTF laws and in 2017, Tabcorp was fined AUD 45 million. AUSTRAC is doing a great job through consultation, engaging with industry associations and professional bodies, providing detailed guidance materials, fact sheets, training programs, webinars, simplified compliance tools and encouraging a risk-based approach to compliance. Stay ahead by understanding the potential impacts on your business and check out AUSTRAC's website https://lnkd.in/g3m6Jahw. #AML #CTF #Compliance #RiskManagement #FinCrime #Regulation #FinancialCrime #KYC #DueDiligence

Another Day, Another Topic: 📚 🎯 ⭐ The USA PATRIOT Act – A Game Changer in Combating Financial Crimes ⭐ The USA PATRIOT Act, introduced in 2001 in response to the 9/11 attacks, is a cornerstone in the global fight against money laundering, terrorist financing, and financial crimes. Its impact stretches beyond U.S. borders, influencing compliance frameworks worldwide. Why Does It Matter? 🤔 🔹 Enhanced Due Diligence: The Act requires financial institutions to adopt rigorous due diligence procedures, especially for foreign banks and politically exposed persons (PEPs). 🔹 Know Your Customer (KYC): Strengthened KYC mandates ensure institutions verify the identity of clients and understand the nature of their transactions. 🔹 Information Sharing: Sections like 314(a) and 314(b) encourage cooperation between financial institutions and government agencies, facilitating quicker identification of suspicious activities. ⚡ Key Highlights: 🔎 1️⃣ Title III – International Money Laundering Abatement and Financial Anti-Terrorism Act: ➡️ Aims to prevent money laundering through U.S. financial systems. ➡️ Requires financial institutions to establish comprehensive AML programs. 2️⃣ Increased Penalties: Non-compliance with the Act can lead to hefty fines and criminal charges. 3️⃣ Global Reach: The extraterritorial provisions mean even foreign entities interacting with U.S. financial systems must comply with its rules. An Example of Its Impact: 🧑🏫 🏦 The Act played a critical role in uncovering the infamous HSBC scandal, where the bank was fined $1.9 billion for inadequate AML controls, allowing drug cartels and sanctioned entities to exploit its systems. Why It’s Relevant for Compliance Professionals:💬 💸 Understanding the PATRIOT Act is essential for building robust AML programs. It highlights the importance of vigilance in detecting and reporting suspicious transactions, especially in today’s interconnected financial world. Are you aligning your compliance practices with these global standards? Let’s discuss! #Compliance #AML #PatriotAct #FinancialCrimes #RiskManagement #RiskMitigation #CAMS #EDD #KYC #SAR #STR #Regulations #TerroristFinancing #FATF #FINTRAC #FINCEN

Hey folks ! 🔍 What’s the Primary Goal of an AML/CFT Program? Let’s Discuss! When we think of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), the ultimate objective often sparks debate. A robust AML/CFT program addresses multiple priorities—but if you had to pick one primary goal, what would it be? Here are some perspectives: a) To protect the organization against money laundering, terrorism financing, and financial crimes. b) To report suspicious activities to the relevant authorities. c)To educate employees on legal obligations, internal policies, and risk mitigation strategies. d) To ensure compliance with laws and regulations, avoiding hefty penalties. Each aspect is critical, but which one truly stands out as the core purpose ? 💡Your opinion matters! Let me know in the comments: - Which of these options resonates most with you as the primary goal? - Or do you believe all of them are equally important and interconnected? Let’s spark a conversation on how we, as professionals, can collectively strengthen AML/CFT programs. 🌍✨ #AML #CFT #Compliance #RiskManagement #FinancialCrimes

AML, KYC, Financial Crime, etc. Where do we stand? Do you think that the current AML rules are helpful to prevent money laundering and terrorist financing, or are they too far removed from operational reality? To learn more about the output of our AML survey we highly recommend to read our result report https://lnkd.in/e_JRx-KC #aml #kyc #financialcrime #pwcch #pwcswitzerland #amlsurvey #pwcproud #frauddetection #remediation #patrickakiki #compliance Gianfranco Mautone Alister Smith Luca Bonato Dario Orteca Michel Mönch

In AML, to proactively manage the risks that surrounds Money laundering and Terrorism financing, financial organizations and institutions must ensure that they put in place a strong KYC process that is in line with the The Institute of Internal Auditors Inc.(IIA) Three-line of defense. One of these days, I’ll write on the IIA’s 3line of defense. #kyc #AML #GRC #internalaudit

🕵♂️ Stay ahead of financial crime with AML checks that deliver Money laundering and terrorism financing pose significant risks to businesses. AU10TIX's advanced AML solution addresses these threats with robust internal quality checks and real-time data from exclusive alpha lists. Our solution ensures comprehensive coverage, high accuracy, and faster response times, enabling businesses to confidently navigate compliance challenges. Explore more about our innovative approach: https://lnkd.in/duSW46tk #FinancialCrime #AML #FraudPrevention #RiskManagement #Compliance

🚨 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐈𝐬𝐧’𝐭 𝐚 𝐆𝐚𝐦𝐞… 𝐁𝐮𝐭 𝐭𝐡𝐞 𝐅𝐈𝐂 𝐢𝐬 𝐊𝐞𝐞𝐩𝐢𝐧𝐠 𝐒𝐜𝐨𝐫𝐞! 🚨 If you’re in business, you’ve likely heard of the Financial Intelligence Centre (FIC)—South Africa’s watchdog against money laundering, terrorist financing, and other financial crimes. Compliance isn’t just a box to tick; it’s essential for protecting your business and contributing to a safer economy. We make FIC compliance easier by offering the specific checks you need to stay on top: • Real-Time ID Verification • PEP and Sanctions Screening • AML Screening 💼 Stay compliant, reduce risk, and keep your business protected with TGPDC’s tailored FIC solutions. Ready to see how we can help? Let’s chat! #FICCompliance #AML #RiskManagement #TheGoodPeopleDataCompany #TrustedBusiness

🚨 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐈𝐬𝐧’𝐭 𝐚 𝐆𝐚𝐦𝐞… 𝐁𝐮𝐭 𝐭𝐡𝐞 𝐅𝐈𝐂 𝐢𝐬 𝐊𝐞𝐞𝐩𝐢𝐧𝐠 𝐒𝐜𝐨𝐫𝐞! 🚨 If you’re in business, you’ve likely heard of the Financial Intelligence Centre (FIC)—South Africa’s watchdog against money laundering, terrorist financing, and other financial crimes. Compliance isn’t just a box to tick; it’s essential for protecting your business and contributing to a safer economy. We make FIC compliance easier by offering the specific checks you need to stay on top: • Real-Time ID Verification • PEP and Sanctions Screening • AML Screening 💼 Stay compliant, reduce risk, and keep your business protected with TGPDC’s tailored FIC solutions. Ready to see how we can help? Let’s chat! #FICCompliance #AML #RiskManagement #TheGoodPeopleDataCompany #TrustedBusiness

🚨 News Update: The AML/CTF Amendment Bill is here! On 11 September, the Commonwealth Attorney-General tabled a bill in Parliament to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The expansion of the AML/CTF regime addresses risks identified in high-risk sectors like real estate, professional services, and virtual assets. The proposed AML/CTF reforms significantly modernise and reshape compliance obligations for new and existing reporting entities. Key requirements include: 👉 an obligation to conduct timely, ongoing risk assessments related to money laundering, terrorism financing, and proliferation financing (or at least every 3 years);  👉 an obligation to develop and adhere to an AML/CTF program & policies; 👉 an obligation to establish customer identities, assess ML/TF risks, and continually monitor transactions for unusual patterns;  👉 report various matters to AUSTRAC and conduct independent reviews at least every 3 years to evaluate compliance. Compliance must be overseen by dedicated AML/CTF officers - deemed 'fit and proper'. Governance bodies, such as boards and senior management, will have increased accountability in ensuring effective ML/TF risk management. Information-sharing protocols will improve, with amendments to the "tipping off" offence aimed at better managing financial crime risks. AUSTRAC will redraft AML/CTF Rules to align with the new proposed legislative framework, requiring both existing and new entities to revamp their compliance programs in the coming years. ____ If you want to see more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) to receive notifications for future posts and events. #reform #AML #CTF #compliance #FATF #tranche2

Is your #lawfirm ready for AML? Let us know how Intapp can help you locally here in #Australia, in the same way we have helped hundreds of firms deal with this in other jurisdictions. #anitmoneylaundering #AML #compliance #financialcrime