Update on Regulatory and Market Activity & Key Observations from Financial Services Submissions to the AML Legislative Review - SYDNEY (11 August 2014)
Ahead of Australia’s FATF evaluation occurring next month, the session will consider the likely findings and outcomes that may flow from the review including the issue of whether there will be a Tranche II. Submissions for the issues paper on the review of the AML/CTF Act, regulations and AML/CTF Rules closed on 28 March 2014 so it is timely to consider some of the key observations and recommendations made by individuals, financial institutions and industry bodies.
The session will also cover an overview of the new requirements for Customer Due Diligence and discuss what other jurisdictions around the world are doing to adhere to these new and more demanding requirements. An update on enforcement activity will also be included with a review recent enforcement undertaking issued by Austrac.
A panel consisting of representatives from a major Australian bank, a non-bank financial institution and EY will lead the discussion.