A Tranche Too Hard?
Initialism have today published a White Paper on the regulation of DNFBPs in Australia.
For over 15 years it has been recognised internationally that DNFBP sectors, because of their gatekeeper role, have been vulnerable to abuse by criminals and attractive to those wishing to launder the proceeds of criminal activity or finance terrorism.
Whilst Australia, as a member of the Financial Action Task Force (FATF) has been subject to international DNFBP AML/CTF standards since 2003, the debate about the AML/CTF regulation of DNFBPs in Australia appears to be bogged-down with inaction, hyperbole, and scare-mongering.
The White Paper seeks to cut through the misinformation and positioning occurring due to vested interests of certain industry sectors, to provide an analysis of the drivers and challenges of bringing Australian DNFBPs into the AML/CTF regime, and to provide a basis to foster constructive debate amongst all stakeholders.
Ultimately, the paper poses the question – why does the AML/CTF regulation of DNFBPs in Australia and the introduction of Tranche II appear to be a tranche too hard?
Compliance specialist, LLB, CAMS, CFE, with over 20 years' experience, supporting businesses with appropriate policy and framework guidance, proactively identifying, managing and mitigating financial crime risks.
5 年Great event. Thanks Neil