AML teams using legacy transaction monitoring programs frequently deal with backlogged systems. Their analysts often experience burnout from processing high volumes of alerts with too many false positives. Without a way to triage incoming alerts, highly-qualified investigators can spend most […]
A Guide to Anti-Money Laundering for Crypto Firms
Knowledge & Training
Australia has one of the largest economies in the Asia Pacific, and hosts thousands of international businesses, including a diverse community of FinTech service providers. From 2017 to 2021, the number of Australian FinTechs doubled to around 800, contributing to […]
The Know Your Customer (KYC) process is an integral part of anti-money laundering (AML) regulation around the world, helping banks and financial service providers understand their customers’ financial behaviors and report criminal activity quickly. Accordingly, firms must ‘know their customer’ […]
A customer risk assessment is a necessity when onboarding new customers. It ensures that high-risk individuals are identified, and appropriate anti-money laundering (AML) measures are put in place. But what elements should firms consider as part of an AML customer […]
Anti-money laundering (AML) red flags are changing. What should compliance teams be looking for, and how do these risks vary by industry?
Being aware of the conditions that increase the likelihood of a customer’s involvement in money laundering (ML) or terrorist financing (TF) is a responsibility that financial institutions cannot take lightly. The absence or inadequacy of robust ML/TF risk management programs […]
Over the last few years, the financial services landscape in Australia has seen significant change. However, one constant is the strong emphasis on anti-money laundering and combatting the financing of terrorism (AML/CFT) by the regulators.
Under the AML/CTF Act 2006, designated businesses must meet four key obligations that reflect the private sector obligations set out by the Financial Action Task Force (FATF).
As a long-term member of the Financial Action Task Force (FATF), Australia’s anti-money laundering and combatting the financing of terrorism (AML/CFT) regulatory framework seeks to align with the recommendations laid out by the agency.
Home to one of the world’s most dynamic FinTech industries, Australia has witnessed dramatic growth throughout the sector in recent years due to spikes in investor funding and consumer digital adoption.
Anti-money laundering risk management depends on a host of factors. This infographic explores how FinTechs can break down their compliance program into actionable steps, summarized by the themes of paper, people, and platforms.
To remain compliant and avoid financial penalties, FinTechs must know and understand the parameters of their reporting responsibilities. This infographic provides a checklist of the reporting obligations FinTechs must meet under Australian AML/CFT legislation and regulation.