Insights
Anti-Money Laundering 101: What do Australian Trust and Company Service Providers need to know about the AML/CTF Amendment Act 2024 and how can they start to prepare to comply?
Introduction In November 2024, the Australian Parliament enacted the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant expansion of the nation’s financial regulatory framework. This legislation extends AML/CTF obligations to include Trust and Company Service Providers (TCSPs), acknowledging the sector’s vulnerability to exploitation by financial criminals. As a TCSP,…
Read MoreTranche 2 in Practice: Key Challenges and Compliance Tips for Professionals
Introduction Tranche 2 professions—lawyers, accountants, real estate agents, and trust and company service providers (TCSPs)—play a pivotal role in the global fight against financial crime. These gatekeepers are tasked with identifying and mitigating risks associated with money laundering, terrorism financing, and other illicit financial activities. However, implementing anti-money laundering (AML) and counter-terrorism financing (CTF) measures…
Read MoreThe Rise of Collaborative Financial Crime Risk Management
Introduction In the fight against financial crime, collaboration has emerged as a critical strategy. Financial crime is increasingly global and complex, often involving networks of actors across jurisdictions. Governments, regulators, and private organisations recognise the need for a unified approach to address these challenges. This blog explores the rise of collaborative financial crime risk management,…
Read MoreCase Studies: How organised criminals have exploited accounting professionals to launder the proceeds of their crimes and how you can prevent this happening in your business
Introduction Accounting professionals play a crucial role in financial oversight, tax compliance and corporate governance. However, their expertise and access to financial systems, corporate structures, and tax strategies also make them attractive targets for organised criminals seeking to launder illicit funds. Criminals have exploited accountants, auditors, and financial consultants to disguise illicit wealth, falsify financial…
Read MoreHow do organised criminals exploit accounting professionals to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction Accounting professionals play a crucial role in financial management, compliance, and advisory services for businesses and individuals. However, their access to sensitive financial information and ability to legitimise transactions make them attractive targets for organised criminals seeking to launder illicit funds. Criminal organisations exploit accounting firms, auditors, and financial consultants to disguise the origins…
Read MoreAnti-Money Laundering 101: What do Australian Accounting Professionals need to know about the AML/CTF Amendment Act 2024 and how can they start to prepare to comply?
Introduction In November 2024, the Australian Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant overhaul of the nation’s financial regulatory framework. This legislation aims to enhance Australia’s ability to deter, detect, and disrupt money laundering and terrorism financing activities. Notably, it extends AML/CTF obligations to include…
Read MoreThe Role of ESG in Financial Crime Risk Assessments
Introduction Environmental, social, and governance (ESG) considerations are reshaping the business landscape, influencing everything from investment decisions to compliance strategies. Financial crime risk assessments are no exception. As regulators, investors, and consumers demand greater accountability, businesses are increasingly integrating ESG factors into their financial crime frameworks. This blog examines the intersection of ESG and financial…
Read MoreEthical Dilemmas for Gatekeepers: Balancing Confidentiality with Legal Obligations
Introduction Gatekeepers, such as lawyers, accountants, real estate agents and trust and company service providers play a crucial role in maintaining the integrity of financial and legal systems. They act as intermediaries in significant financial transactions and business arrangements, placing them in positions of trust and responsibility. However, their roles also expose them to complex…
Read MoreCase Studies: How organised criminals have exploited legal professionals to launder the proceeds of their crimes and how you can prevent this happening in your business
Introduction Legal professionals play a vital role in financial and property transactions, corporate structuring, and trust management. However, their expertise and privileged access to the legal and financial systems also make them attractive targets for organised criminals seeking to launder illicit funds. In many cases, criminals exploit lawyers, notaries, and law firms – sometimes unknowingly…
Read MoreHow do organised criminals exploit legal professionals to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction Legal professionals, including lawyers, notaries and conveyancers, play a critical role in facilitating financial transactions, business operations, and property dealings. However, their privileged access to financial and legal systems makes them attractive targets for organised criminals seeking to launder the proceeds of crime. Criminal organisations exploit legal services to disguise illicit funds, create complex…
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