jacobson aml slideshare 071029
TRANSCRIPT
Anti-money laundering: legislative update
David JacobsonOctober 2007
Disclaimer: this is general information only and not specific legal advice for your particular circumstances. If you need advice for your AML compliance please get professional
advice.
WHAT YOU NEED TO DO AND WHEN
• Plan• Find technology
solutions• Implement control
solutions
Compliance report due by 31 March 2008?
Find technology solutions
Understand the new rules
• Sources• Risk assessment• Know your customers
Sources of regulation
Customer Due Diligence (CDD)
Customer identification
Training
• Ongoing employee training• Suspicious matters• Tipping off
Transaction monitoring
• monitor the transactions of each customer on a risk basis
How best to comply?
• New elements can be added to your existing system
Building on your existing frameworkIntegrate with
– General APRA obligations– ASIC licensing requirements– AS3806
Summing up
• You must comply• Upgrade your existing program• Document your procedures