Lisa Dobbin, Deloitte Australia’s Financial Crime Leader, says, “In 2021, AUSTRAC announced its intention to strengthen Australia’s anti-money laundering (AML) and counter terrorism financing (CTF) laws. The reforms, known as Phase 1.5, increase the resilience of our financial system against criminal threats, while making it easier for businesses to understand and comply with increased regulations. The regulator outlined its increased expectations of banks with a number of new obligations, making it more critical than ever for banks of all shapes and sizes to have a robust and risk-based AML/CTF program in place. Criminals may be smart, but with our contemporary industry experience we can help banks outsmart them and stay one step ahead.”
Ben Murphy, Lead Director on the six-month project, explains, “We were asked to make sure that the bank’s team had the right people in place, with the right capabilities and processes, so that when they transferred to the new systems they would be able to use it effectively and appropriately. The depth and extent of our review meant that we validated some anticipated issues, but also uncovered some surprises which allowed us to recommend enhanced processes to the client. It was really satisfying to play a key role in making this bank even more resilient to financial crime by placing an increased focus on the documentary infrastructure, operational processes and standards of the bank’s transaction monitoring system.”
By working closely together in partnership, regulators, banks and professional service providers can make it harder for financial criminals to succeed, keeping our communities safe and maintaining the integrity of Australia’s banking system.
*Source: Australian Taxation Office [https://www.ato.gov.au/General/The-fight-against-tax-crime/Our-focus/Financial-crime/]