Anti-money laundering (AML) non-compliance needs to be swiftly addressed to tackle fraud and financial crime in Australia, according to RegTech expert Anthony Quinn – CEO and Founder of Arctic Intelligence and Co-Founder of AML Accelerate.
AML Accelerate specialises in AML and counter-terrorism financing compliance solutions. Anthony said the time was right to reassess Australia’s AML laws.
“Unfortunately, the ongoing banking royal commission is unearthing several cases of conduct risk in the financial crime space,” he said.
Anthony, who founded Arctic Intelligence in 2013 to assist companies better mitigate AML risk, believes Australia would benefit by drawing on New Zealand’s recent AML actions.
From July 1, 2018, New Zealand AML laws will also apply to legal professionals and conveyancers as the country beefs up its efforts to safeguard against AML threats.
New Zealand has taken proactive steps and beaten Australia to the punch on AML, with New Zealand clamping down on the regulation of gatekeeper sectors, targeting lawyers and real estate agents,” Anthony said.
“This area shouldn’t be ignored in Australia. We only have to look at recent issues like the Panama Papers, which revealed accountants and lawyers were complicit in facilitating money laundering through real estate and high value goods sectors.”
A 2015 report by The Financial Action Task Force called on Australia to do more to improve AML and Countering Financing of Terrorism compliance.
Meanwhile, Anthony said businesses should look to technology to enhance AML compliance in a cost-effective way.
“With the extension of AML laws to gatekeeper sectors like lawyers, accountants, real-estate agents and high-value dealers expected to grow to 125,000, it is hard to see how the standards of compliance will be effectively managed without technology as an enabler for businesses in complying,” Anthony said.
ABOUT ARCTIC: Arctic Intelligence was founded in 2013 to tackle an escalating problem with financial crime losses. Our founders spent nearly 20 years working with some of the world’s largest consulting firms, investment and retail banks and understand the challenges that these organisations face in managing these risks. Arctic’s vision is to raise the bar in business through leading-edge technology which offers effective management of audit, risk and compliance, saving businesses time and money. For more information on Arctic Intelligence visit: http://arctic-intelligence.com/about/board-of-directors/
ABOUT AML ACCELERATE: AML Accelerate Pty Ltd is a joint venture between Arctic Intelligence and Initialism. Widely recognised as thought leaders in anti-money laundering and counter-terrorism financing compliance, the venture provides solutions for businesses covered by AML/CTF law and regulations. For more information on AML Accelerate visit: https://amlaccelerate.com/