Virtual asset service providers
INSIGHT | EXISTING ENTITIES Virtual asset service providers
The current AML/CTF regime only extends to digital currency exchanges regulating exchanges between digital currency and fiat currency. The new Act introduces significant amendments to extend coverage to a broader range of virtual assets and virtual asset service providers (VASPs) through a revised set designated service.
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 10 min read |
Understanding value transfer chains
INSIGHT | EXISTING ENTITIES Understanding value transfer chains
The revised Australian AML/CTF Act 2024 introduces the concept of value transfer chains to enhance transparency and traceability in value transfers, including money, virtual assets, and property.
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 8 min read |
Introducing the Reporting Group concept
INSIGHT | EXISTING ENTITIES Introducing the Reporting Group concept
The revised Australian AML/CTF Act 2024 introduces the concept of a 'reporting group,' which allows related entities to manage and mitigate common AML/CTF risks more efficiently by sharing compliance responsibilities and resources. This concept aims to streamline compliance efforts and enhance the overall effectiveness of AML/CTF measures across related entities.
Neil Jeans
Katherine Shamai
Annelies Homersham
Martin Stone
| 7 min read |
International Value Transfer Services explained
INSIGHT | EXISTING ENTITIES International Value Transfer Services explained
The International Funds Transfer Instruction (IFTI) reporting regime is a critical component of AML/CTF framework. It requires certain businesses to report international funds transfers to AUSTRAC.
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 7 min read |
Initial Customer Due Diligence requirements
INSIGHT | EXISTING ENTITIES Initial Customer Due Diligence requirements
Australia's AML reforms are transitioning the initial Customer Due Diligence (CDD) requirements from the AML/CTF Rules to the AML/CTF Act, focusing on an outcomes-based framework to enhance clarity and effectiveness of CDD processes.
Neil Jeans
Katherine Shamai
Annelies Homersham
Martin Stone
| 8 min read |
Revised approach to assessing ML/TF risk
INSIGHT | EXISTING ENTITIES Revised approach to assessing ML/TF risk
Money Laundering / Terrorism Financing (ML/TF) risk assessment is a process of identifying, assessing, and understanding the risks of money laundering and terrorist financing (ML/TF) that an organisation may face. It involves evaluating various factors to determine the level of risk and the implementation of appropriate measures to mitigate those risks.
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 9 min read |
The essential elements of an AML/CTF program
INSIGHT | EXISTING ENTITIES The essential elements of an AML/CTF program
Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program is crucial for organisations to comply with AML/CTF obligations and requirements. Under the AML/CTF Act 2006, all reporting entities must establish and maintain an AML/CTF program that identifies, mitigates, and manages their money laundering and terrorism financing (ML/TF) risks, and addresses the AML/CTF system and control requirements set out in the AML/CTF Rules.
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 8 min read |
Adopting an outcome-based framework for AML/CTF
INSIGHT | EXISTING ENTITIES Adopting an outcome-based framework for AML/CTF
Australia's amended AML/CTF Act introduces an outcome-based framework, focusing on achieving effective results in combating money laundering and terrorism financing (ML/TF) rather than just adhering to prescriptive rules. This approach aligns with international standards set by the Financial Action Task Force (FATF).
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 8 min read |
Key Roles in AML/CTF governance
INSIGHT | EXISTING ENTITIES Key Roles in AML/CTF governance
Explore the key roles and responsibilities in AML/CTF governance, including the involvement of the Board, senior management, and compliance officers. Understand the amended AML/CTF Act 2024 requirements, risk management strategies, and the importance of fostering a culture of compliance within organizations.
Neil Jeans
Katherine Shamai
Martin Stone
Annelies Homersham
| 11 min read |