©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377

November 14, 2019

"Fighting terrorism means teamwork among local and international stakeholders,” Philippines Anti-Money Laundering Council (AMLC) Chairman Benjamin E. Diokno said, speaking at the start of the Counter Terrorism Summit in Manilla earlier this week. The Summit is themed ‘Together United—Strengthening Our Region’.

The AMLC is hosting the Summit—fifth of its kind—in partnership with the Australian Transactions Reports and Analysis C...

November 13, 2019

Taking place this week, the National Proceeds of Crime Conference will look at law enforcement in the face of global digitisation, the rise of crypto currencies, and the impact both might have on the ability of law enforcement agencies to track financial crime.

The Conference, themed ‘Rethinking Law Enforcement: efforts to address the globalisation and digitisation of the criminal economy’, will be led by the Criminal Assets Co...

November 8, 2019

Last week, the Fintel Alliance released their operational results for 2018-2019 in their fight against serious crime. 
AUSTRAC CEO Nicole Rose highlighted the importance of the information shared through the Fintel Alliance and the role it plays in assisting the Australian Transactions Reports and Analysis Centre and its approach to financial crime. 

“It is very encouraging to see the Fintel Alliance already making major contr...

November 6, 2019

The mutual banking sector is decidedly in the ‘medium-risk space’, according to a recent risk assessment Report published by AUSTRAC’s Financial Intelligence Unit (FIU).

Recently, the Australian Transaction Reporting and analysis Centre (AUSTRAC) turned their focus to the approach mutual banks have been taking to their AML/CTF obligations, last week releasing their money laundering and terrorism financing risk assessment on the...

November 6, 2019

GRC Professional took the opportunity to catch up with Andrew Ham, Director of Legal Risk and Head of Financial Services, AML Experts, on the topic of Tranche2 and what impact in may have on inter-jurisdictional partnerships.


This release from the AFP makes the fact that Australia is going to do terribly on the upcoming mutual evaluation seem a little ridiculous. How beneficial do you think the joint partnership betwee...

November 6, 2019

Last week, GRC Professional reached out to Director of Legal Risk and Head of Financial Services, AML Experts, Andrew Ham, regarding the Australian Federal Police seizure of $17.3 million in assets of two Chinese nationals who were using the Australian real estate market to launder proceeds of crime.

According to the AFP, in 2012, the two Chinese nationals used $23 million to develop property in Melbourne and Tasmania. 

This sto...

October 31, 2019

Australian Competition and Consumer Commission

Misuse of data

The competition regulator alleges that from 2017 until late 2018, Google misled consumers about its intended—and actual—use of their personal data.

“We are taking court action against Google because we allege that, as a result of these on-screen representations, Google has collected, kept and used highly-sensitive and valuable personal information about consumers’ loca...

October 25, 2019

Last week Nathan Lynch from Thomson Reuters wrote in a LinkedIn post that that the Australian government has made it’s ‘first modest step towards meeting its international obligations around #DNFBPs’.

While acknowledged that the 1.5 reforms would be big step to supporting the Fintel Alliance.

The Financial Action Taskforce Force (FATF) Mutual evaluation next month ‘will not be pretty’. 

The bill was introduced to parliament last...

September 13, 2019

The GRC Professional Podcast caught up with our regular AML expert Andrew Ham to discuss Austrac's approach to money transfers and remittances.  

If you have a position on the remittances and money transfers, or any general perspectives on Austrac's regulatory or enforcement approach, please email kwame.slusher@thegrcinstitute.org

September 5, 2019

August was a busy month for the Australian Transactions Reports and Analysis Centre (AUSTRAC), with sit-down meetings with reporting entities affected by the Cash Limit legislation to take effect next January, the co-hosting of the 22nd Annual Asia Pacific Group on Money Laundering with the Australian Federal Police (AFP), and the announcement of its renewed focus on illegal money transfer dealers.

Indeed, more than once this y...

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