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Anti-Money Laundering / Counter-Terrorism Financing (AML/CTF)


Merry Christmas

Written By: T-REX Contributor
Published: December 19th, 2019
We wish all our T-REX readers a merry Christmas and a happy new year.  Thank you for your loyalty.
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Goodbye Compact, hello HN Hub

Written By: T-REX Contributor
Published: December 19th, 2019
You may have noticed a slight change in the look of T-REX last month. After 25 years, our two businesses, Holley Nethercote commercial and financial services lawyers and Compact compliance and training, now come under a single group brand, Holley Nethercote. Our law firm is now known simply as
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FATF updates on AML/CTF compliance

Written By: T-REX Contributor
Published: December 19th, 2019
FATF has published two updates on jurisdictions that may pose a risk to the international financial system: October Public Statement, which calls attention to ongoing issues in North Korea and Iran AML/CTF compliance update on jurisdictions that have AML/CTF deficiencies and have developed an a
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New AML/CTF Resources

Written By: T-REX Contributor
Published: December 19th, 2019
AUSTRAC has released resources on strong AML/CTF governance practices.  These include guidance for: boards and senior management compliance officers sole traders AUSTRAC’s video on how to build a strong AML/CTF culture states that good governance is key to a business meeting i
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AUSTRAC Compliance Report

Written By: T-REX Contributor
Published: December 19th, 2019
AUSTRAC has released information about the 2019 Compliance Report, which must be submitted between 2 January and 31 March 2020 via AUSTRAC Online.  AUSTRAC uses the information provided to it to: assess how effectively AML/CTF obligations are met see if entities need extra help to meet obl
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Other developments – in brief

Written By: T-REX Contributor
Published: December 19th, 2019
Prudential Standard – non-centrally cleared derivatives APRA released Banking, Insurance, Life Insurance and Superannuation (prudential standard) determination No. 1 of 2019 Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives.  The Standard r
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Consultation

Written By: T-REX Contributor
Published: December 19th, 2019
The following draft provisions and discussion papers have been open for consultation in December: Draft Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2019.  This draft legislative instrument (released with a draft explanatory statement) includes
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T-REX Bites

Written By: T-REX Contributor
Published: December 19th, 2019
Data breaches are big news, but don’t forget the privacy basics From February 2018 onward, the notifiable data breaches (NDB) regime introduced new obligations for Australian government agencies and private sector organisations that were already subject to the Privacy Act 1988 (Cth). Fol
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Whistleblower policy relief

Written By: T-REX Contributor
Published: November 29th, 2019
Some charities and not-for-profit organisations will be exempt from the requirement to have a whistleblower policy by 1 January 2020. ASIC has made ASIC Corporations (Whistleblower Policies) Instrument 2019/1146. It relieves a public company from the need to have a whistleblower policy under s
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Civil penalty application against Westpac

Written By: T-REX Contributor
Published: November 29th, 2019
AUSTRAC has applied to the Federal Court of Australia for civil penalty orders against Westpac for its non-compliance with the AML/CTF Act on over 23 million occasions.   Specifically, AUSTRAC is alleging that Westpac has failed to: appropriately assess and monitor ongoing ML/TF risk
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AUSTRAC reports on the ML/TF risk of the mutual banking sector

Written By: T-REX Contributor
Published: November 29th, 2019
AUSTRAC has released a ML/TF risk assessment for Australia’s mutual banking sector and given the sector an overall risk rating of medium, despite noting that the sector has a high vulnerability to financial crime. The report stated that mutual banks are a particular target for fraudulent ac
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FATF Updates

Written By: T-REX Contributor
Published: November 29th, 2019
FATF has updated its consolidated list of ML/TF country assessment ratings.  FATF has published updated mutual evaluations reports on: Singapore Denmark Ireland Zimbabwe Mauritius Ethiopia Malawi The Philippines FATF has updated its processes and procedures for mutual eval
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AML/CTF Independent report on Afterpay

Written By: T-REX Contributor
Published: November 29th, 2019
Afterpay has announced the findings of its AUSTRAC-mandated Independent Review.   AUSTRAC required Afterpay to have an external audit of its compliance with AML/CTF laws following various concerns about its AML/CTF governance and oversight.  The Review found that: Afterpay ha
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Other developments – in brief

Written By: T-REX Contributor
Published: November 29th, 2019
The Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019 has been registered on the Federal Register of Legislation.  This Act received Royal Assent in October and its effects are explained in October T-REX in Grandfathered conflicted remuneration. ASIC has cancell
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Consultation

Written By: T-REX Contributor
Published: November 29th, 2019
The following draft provisions and discussion papers were open for consultation in November. Proposed amendment to chapter 11 of the AML/CTF Rules (Compliance Report – reporting and lodgment periods).  AUSTRAC has proposed amendments to the Compliance Report reporting and lodgment peri
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T-REX Bites

Written By: T-REX Contributor
Published: November 29th, 2019
Paying a member’s financial advice fees out of a super fund An issue that regularly arises in relation to the provision of financial advice is whether the cost of that advice can be paid out of a superannuation fund of which the client is a member.   That superannuation fund wi
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FATF country ratings and AML/CTF deficiencies

Written By: T-REX Contributor
Published: November 1st, 2019
FATF has updated its consolidated list of ML/TF country assessment ratings and published updated mutual evaluations reports on Mongolia, Pakistan, Sri Lanka, Macao, Taipei and the Solomon Islands. Additionally, FATF has published a list of jurisdictions with deficiencies in their compliance with
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AML/CTF regime phase 1.5

Written By: T-REX Contributor
Published: November 1st, 2019
The Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019 has been introduced into Parliament.  The Bill includes amendments to:  enable a reporting entity to rely on customer identification and verification procedures undertaken by a third part
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Other developments – in brief

Written By: T-REX Contributor
Published: November 1st, 2019
Tax Practitioners Board review The review of the Tax Practitioners Board is due to report to the Government by 31 October 2019.  The review, which has been looking at the Tax Agent Services Act 2009, is relevant to tax (financial) advisers. Retirement income review The Government annou
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Consultation

Written By: T-REX Contributor
Published: November 1st, 2019
The following draft provisions and discussion papers were open for consultation in October. ASIC Consultation Paper 322 Product intervention: OTC binary options and CFDs.  This Consultation Paper sets out ASIC’s proposals to exercise its product intervention power to make market-wide i
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