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20th NOVEMBER 2024

SWISSOTEL SYDNEY 

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TOPICS OF EXPLORATION

Keeping ahead of the changes - minimising risk

The AML /CTF RULES FORUM offers a unique opportunity to gain insights from industry experts, engage in discussions about best practices, and network with peers facing similar challenges. Staying informed about these changes not only helps safeguard your business against legal repercussions but also enhances your reputation in an increasingly scrutinized marketplace.

Keeping ahead of the changes - minimising risk

The Australian Government has unveiled groundbreaking legislation aimed at transforming and broadening the regulation of services vulnerable to financial crime. Set to take effect in 2026, these new laws will apply to services offered both within Australia and internationally. The reforms emphasize a risk-based approach to effectively manage financial crime risks.

 

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Bill) will impact both existing and new reporting entities, and has three key objectives:

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  • Extend the AML/CTF regime to additional services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones (tranche two entities)

  • modernise the regulation of virtual assets and payments technology

  • simplify and clarify the regime, to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.

The proposed amendments aim to close regulatory gaps and bring Australian law in line with the international standards set by the Financial Action Task Force (FATF). These changes are anticipated to dramatically increase the number of reporting entities from approximately 17,000 to around 90,000.

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If you are classified as a reporting entity, it is crucial to implement an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program that outlines your adherence to AML/CTF legislation. This program should serve as a documented framework that explains how you identify, mitigate, and manage the risks connected to your products or services that could potentially be used for money laundering or terrorism financing. Additionally, it must be customized to reflect the specific level of risk that your business or organization may reasonably face.

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WHAT YOU WILL LEARN:

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The AML /CTF RULES FORUM will focus on the following points:
 

  • Compliance and Governance: Governing bodies, such as Boards and senior management, will need to take reasonable measures to ensure that the business effectively identifies, assesses, manages, and mitigates money laundering and terrorism financing (ML/TF) risks.  Explore best practices for developing and implementing  compliance programs that meet regulatory requirements

 

  • Regulatory updates: Understand the latest changes to AML/CTF laws and regulations in Australia and their implications for businesses.

 

  • Risk Assessment: Learn about effective methods for conducting risk assessments and identifying vulnerabilities within your organization

 

  • Why the New Rules Matter to Aid Enforcement 

 

  • Information Sharing and Tipping Off: Discuss the importance of collaboration between public and private sectors in combating money laundering and terrorism financing.

 

  • International Standards: Gain insights into global AML/CTF standards and how they affect Australian practices, including FATF guidelines.

WHO SHOULD ATTEND: 

The AML/ CTF forum is produced for a diverse audience to ensure comprehensive discussions and knowledge sharing. Below are the key groups that should attend:

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1.Compliance Professionals: Individuals responsible for ensuring adherence to AML/CTF regulations within their organizations.

 

2. Financial Institution Representatives: Executives and managers from banks, credit unions, and other financial services companies.

 

3. Legal: Lawyers specialising in financial law, compliance, and regulatory matters.

 

4.Risk Management Specialists: Professionals focused on identifying and mitigating risks related to money laundering and terrorism financing.

 

5. Regulatory Officials: Representatives from government bodies overseeing AML/CTF compliance.

 

6.Technology Providers: Executives from fintech and software companies offering AML/CTF solutions and innovations.

 

7. Academics and Researchers: Scholars studying financial crime, regulatory frameworks, and compliance strategies.

 

8.Industry Associations: Members from relevant industry groups and associations focused on financial services and compliance.

 

9. Corporate Executives: Leaders from industries prone to financial crime, including:  real estate, gaming, and precious metals.

CONFIRMED SPEAKERS:

The following speakers have been invited for their knowledge and expertise of the discussed topics:

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Dr Derwent Coshott | Senior Lecturer In Law  | University Of Sydney Law School

 

Ritu Bhandari | General Manager - Financial Crime | Star Entertainment Group

 

Richard Storey | General Manager - Risk & Compliance, Group AMLC | Tabcorp

 

Michelle Segaert | Corporate Partner | Dentons

 

Stephen Dametto | Assistant Commissioner |  Australian Federal Police

 

Porus Govekar |  Head of Compliance | Lottoland Australia

PRINCIPAL PARTNER: 

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SUPPORTING ORGANISATION: 

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