July 2020 Note from CEO
As we continue to watch the rapid acceleration of COVID-19 both in Australia and overseas create wide-reaching impacts on our business and personal lives it is hard to see a return to anything that resembles business as usual anytime soon.
As with any crisis there are always opportunists looking to make a fortune from others misfortunes.
There has been a huge spike in reported frauds, scams, phishing and hacking attacks as the world moves even more online than ever before and criminals seek to exploit businesses and individuals that are already vulnerable. This situation serves to strengthen our resolve to equip businesses with the knowledge and tools they need to identify, assess and manage their financial crime risks so they do not fall victim.
At the end of June, Australia’s 14.700 reporting entities were required to submit the (deferred) annual compliance report to AUSTRAC. This report essentially requires each businesses to self-assess the effectiveness of their AML/CTF Programs and many businesses will undoubtably have identified areas that could be improved but may understandably with everything else that’s going on be feeling a bit overwhelmed about how to achieve this.
If you are one of these businesses and want to speak to someone about how to strengthen your AML risk assessment and AML program please get in touch. Our team has been incredibly busy over the last few months and last week released over 120 new features and enhancements to our market-leading AML Accelerate platform based on feedback from our clients and partners.
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