The rise of financial crime, particularly in Australia, is raising some alarm bells from all corners of the financial sector. Just recently, after the landmark case of AUSTRAC (the Australian Transaction Reports and Analysis Centre) against CBA, which resulted in a record fine of $700 million, it was reported that there had been a sharp increase in "self-disclosure" among banks and financial institutions.
According to Nicole Rose, AUSTRAC's chief executive, "There's loads of self-disclosure, which means there's a lot for us to go through, and we're going to have a very busy 12 months because there will be actions that come out of it."
True to form, AUSTRAC sprang into action. Just this late September, it ordered an audit of PayPal Australia's compliance with financial crime laws. The extent of the auditor's examination is determined by AUSTRAC and will be at PayPal Australia's expense.
In addition, it also recently published a risk assessment of the $113.6 billion mutual banking sector and concluded that it is at "medium" risk of being used for money laundering and terrorism financing, according to a report by The Sydney Morning Herald. As such, we can expect a more stringent and tougher action from Australia's financial watchdog.
Ahead of the 6th Annual Australian Financial Crime Summit, we spoke with Kathleen Gaynor, Learning & Devleopment Lead, Group Compliance at ANZ, on how companies can toughen up against financial crime from a learning and cultural framework perspective.
Read the Interview to gain insight into:• 3 key priorities of focus in preparation for the new wave of compliance
• Key capabilities required to address financial crime mitigation
• Promoting cross-industry collaboration for FinCrime
LEARN MORE AT THE AUSTRALIAN FINANCIAL CRIME SUMMIT 2020 Kathleen will be presenting alongside 25+ speakers from organisations AUSTRAC, HSBC (HK), NAB, Deutsche Bank, AMP Bank, ACIC, CCC, Attorney General's Department, Westpac, ING, and more, to support cross-industry collaboration and share understanding of leading financial crime capabilities.
View the Latest Event Guide Here Banking Day Readers are entitled to a 10% discount. Simply email
registration@iqpc.com.au or call +61 2 9229 1000 and quote
BANKINGDAY10.