Blog

Trade Based Money Laundering Risk Indicators

Recently the Egmont, along with FATF, released a paper on Trade-Based Money Laundering Risk Indicators. The document outlines a range of different potential red flags, making it an excellent resource for potential transaction monitoring rule reviews, risk assessment refreshes and general training or awareness for customer or transaction facing employees. However, if you want a broader understanding of Trade-Based Money Laundering (TBML), they also published Trade-Based ML trends and developments report…

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FATF Guidance

Insights from recent Financial Action Task Force (FATF) Guidance. The FATF recently published guidance in relation to Risk-Based Supervision. While the guidance is aimed at Supervisors (i.e., national Regulatory bodies) there are still some great learnings you can take away from it particularly in relation to your own internal oversight and assurance activities. In this blog, we identify they key take outs from the guidance and highlight how you might…

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Change ahead

Tranche 1.5 Is Coming, Are You Ready?

Well, CC Clients, we are pleased to confirm that changes are finally afoot in the form of Legislative updates, commonly known as Tranche 1.5 reforms. For those of you who have been around long enough, this is AUSTRAC’s precursor to Tranche 2 – but let’s not get ahead of ourselves.   Changes were made in December 2020 with an anticipated implementation timeframe of mid-2021 (to be confirmed). AUSTRAC is currently…

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AUSTRAC 2020 Annual Compliance Report

Its nearly time to submit the Annual Compliance Report! It’s that time of the year again! Have you started to draft your 2020 Annual AUSTRAC Compliance Report? If not, it is time to get things underway – thankfully, it’s not too late. Over the Christmas break AUSTRAC updated their website in relation to this year’s annual compliance report which includes some changes. Here is what you need to know: The…

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Goodbye to 2020 and Hello 2021

Welcome to the 2021 MWC Blog.  MWC are back from our well-earned Christmas and New year’s break with our batteries re-charged and ready for the year ahead. We hope you managed to take some time off and enjoy with family and friends.   We are certainly excited about the year ahead and are looking forward to achieving a balance between our virtual world and face to face interaction and collaboration with…

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Could we finally be seeing the introduction of Tranche 2?

The past two weeks has shown some promising signs for the Australian AML/CTF in 2021. Could we finally be seeing the introduction of Tranche 2? For those of us in the financial crime world, we are seeing hopeful signs of the long-awaited Tranche 2 amendments before the Senate. The Australian Greens party moved a motion in the Senate to incorporate Phase 2 (aka Tranche 2) as part of the Governments…

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Looking towards the year ahead – 2021

We cannot believe it is coming to the end of the year! This year has certainly flown, we are still finding it hard to believe that in another six weeks it will be Christmas time. We want to thank all our clients for what has been a great year, and it is not over yet. There are the makings of another great year to come in 2021 for combatting Financial…

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AUSTRAC’s Recent Guidance – Some welcomed assistance for ALL Reporting Entities!

AUSTRAC does seem to be on quite the mission this year to not only enforce but to also assist industry in meeting their ongoing compliance obligations. The regulator has shown signs of uplift with clear strategies reported in their AUSTRC Annual Report 2019 – 2020 for the up and coming year and a $104 million dollar funding boost to increase resources as well as the delivery of an enhanced reporting…

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Its time to update your Jurisdictional Risk Assessment!

It is that time again folks! It is time to review and update your Jurisdictional Risk Assessment based on a few changes since we spoke about on the subject back in July. As you are aware, the jurisdictional risk assessment (JRA) relates to the identification and assessment of the financial crime risks to which an organisation is exposed to along with the products and services it offers, and the types…

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