Australia

Topic: Anti-money laundering

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FATF report – virtual assets red flag indicators of money laundering and terrorist financing

On 14 September 2020, the Financial Action Task Force (FATF) published a report, Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing. The report is based on more than 100 case studies and is designed to help national authorities and financial institutions identify potential money laundering and terrorist financing activity involving virtual … Continue Reading

What are the top AML and sanctions compliance challenges in 2020?

We recently completed our global anti-money laundering (AML) and sanctions compliance survey that involved discussions with senior financial services executives. Our global analysis covers 375 participating financial institutions from 77 countries. Our initial analysis indicates several key trends: regulatory pressure on AML and sanctions compliance was significant in 2019 and is expected to continue increasing … Continue Reading

Global anti-money laundering and sanctions compliance survey

An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

New AUSTRAC Compliance Report format for 2018

AUSTRAC has released a new format for reporting entities to submit their annual compliance report (Compliance Report).  This new compliance reporting format comes as a result of AUSTRAC’s reforms to their previous Compliance Report requirements which were suspended for the 2017 reporting period, and is designed so that reporting entities are required to provide more … Continue Reading

Taking a byte at financial crime: New AML/CTF guidance and timelines for digital currency exchanges

Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator, AUSTRAC, has released its guidance with respect to new laws that require digital currency exchange (DCE) providers to register and comply with AML/CTF obligations. AUSTRAC takes a broad approach in interpreting what is covered within the legal definition of a DCE. Essentially, any operation that converts fiat … Continue Reading

Australian financial institutions may see greater involvement in counter terrorism financing efforts

In light of today’s geo-political climate and public concerns over the threat of terrorist attacks, we see a trend of governments placing greater focus on countering the funding of terrorist groups. Indeed, the United Nation’s International Convention for the Suppression of the Financing of Terrorism, which Australia has ratified, has been in force since 2002 … Continue Reading

Changing the digital currency game: new laws to regulate Bitcoin in Australia

Ever since the infamous Silk Road website was investigated and shut down by the US Federal Bureau of Investigation in 2013, and again in 2014, for facilitating the trafficking of illegal narcotics on the “darknet” using Bitcoin, the world of digital currencies has never been the same. Once upon a time Bitcoin was often used … Continue Reading

Extending data protection protocols for financial institutions: A reminder to hold third party service providers accountable

Recent instances of cyber-attacks targeting third party service providers of government agencies and private sector organisations have coincided with the latest release of the Australian Cyber Security Centre (ACSC)’s 2017 Threat Report. This report comes as a timely reminder of the ongoing digital threats to organisations, such as those in the financial services sector, especially … Continue Reading

Annual Financial Institution Symposium

Norton Rose Fulbright is pleased to offer you a rare opportunity to hear from some of the leading voices in risk and disruption. We will be hosting our annual Financial Institutions Symposium in our Sydney office on Thursday 27 October 2016. Discussion will focus on current ‘Risks & Disruptors’ in the global technology and regulatory … Continue Reading

Government response to the Financial System Inquiry

Government releases its Response to FSI Final Report. The Australian Government has released its Response to last December’s Final Report of the Financial System Inquiry or ‘Murray Inquiry’. The Government appears to have accepted almost all of the Inquiry’s recommendations and has also proposed additional measures that are consistent with the Murray Inquiry’s underlying philosophy. … Continue Reading

Digital Currency Regulation – Australian Senate Recommendations

The Australian Senate Economics Reference Committee released its long-awaited report into the digital currencies on 4 August 2015. Digital currencies and blockchain technology is hot news. For many, the blockchain sensation is reminiscent of the early days of the internet.  We have even seen trialling of blockchain technology and some bitcoin sector investment by Australian … Continue Reading

The Murray Inquiry – Technology and cybersecurity

As with the Murray Inquiry’s Interim Report, the Final Report highlights cyber security and technology related fraud risks as an emerging trend for the financial services industry that presents many challenges. At the forefront of the risks that arise is the rapid pace of technological change that is occurring within the financial system and how … Continue Reading
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