Customer Insights – June 2020

In industry news, AUSTRAC has announced the deadline for 2019 compliance reports is 30 June 2020, extended from 31 March, due to the impact of COVID-19. And small to medium businesses restricted from opening during COVID-19 will not be penalised for missing the deadline.

Meanwhile in New Zealand, the DIA has extended the timeframe for AML/CFT audits from two years to every three years, with some businesses being eligible to be audited every four years. DIA has also announced mandatory enhanced CDD for companies that have nominee directors or beneficial owners.

And in Canada, FINTRAC’s contribution to financial intelligence is recognised in a news release from the Royal Canadian Mounted Police in the investigation of a multimillion-dollar luxury vehicle export fraud. The approximate value of the 43 vehicles sold in Vietnam would be $10 Million Canadian. With the financial transaction reports received from Canadian businesses across the country, FINTRAC is providing valuable assistance to law enforcement and national security investigations.

Our inaugural finance sector AML Accelerate Online User Forums for APAC and North America are just around the corner. This is an opportunity to join your peers to exchange ideas and hear about current and upcoming enhancements to AML Accelerate. If you are in the Finance sector but did not find an invitation in your inbox, and want to attend the online user forum, email us at [email protected]. Stay tuned for future User Forums in more regions and industry sectors.

An update to AML Accelerate is due for release late July that focuses on improvements to Controls. Expect more information on this update in coming weeks.

Patricia Sellars-Jones, Customer Manager

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