Australia’s anti-money laundering (AML) regime is currently being enhanced to bring it into line with international standards established by the Financial Action Task Force (FATF), the global AML standard setter.
The FATF standards comprise 40 recommendations on money laundering and nine on terrorist financing. From the perspective of individual businesses, its reputation in supporting the countering of money laundering and terrorist financing is crucial. From the national perspective, a key consideration is ‘target softening’, particularly as illicit activity is displaced into less regulated markets, as other countries in Europe and North America make it more difficult for money launderers.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 received Royal Ascent on 12 December 2006, and expands the previous anti-money laundering obligations on a wider range of financial services providers including banking, life insurance, managed funds and superannuation sectors.
How PwC can help you
Global AML Experience
PwC’s AML experience is drawn from more than a decade of providing risk-assessment, compliance program design, development, training, implementation, monitoring and independent testing for AML programs within financial services organisations worldwide. Additionally, several of our specialists have served in the AML regimes of a number of countries, including the United States, the United Kingdom, Australia, Indonesia and South Africa, enabling our clients to benefit from unparalleled first-hand understanding of recent AML legal frameworks and enforcement initiatives.
Our specialists are currently working with, or have recently worked with, leading European, South American, North American and Asian financial institutions, commercial banks, securities firms, investment companies and foreign exchange businesses on money laundering risk control. We have directed money laundering vulnerability assessments for banking and securities industry clients on every continent and made recommendations for reducing risk and establishing ‘best practices’ in money laundering deterrence and compliance, including implementing KYC profiling and monitoring solutions.
