Australia: Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill overhauls anti-money laundering/counter-terrorism financing
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) will come into force in March 2026 and is designed to enhance compliance, reduce the risk of financial crime and adhere to global compliance standards in short Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) 10 December 2024 ("Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill") received Royal Assent. The legislation substantially amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) ("Anti-Money Laundering/Counter-Terrorist Financing Law”) and bring significant reforms to Australia’s anti-money laundering and counter-terrorism financing (“Anti-Money Laundering/CTF")regime. The amendments aim to close key legislative gaps and better align Australia’s AML/CFT regime with international standards set by the Financial Action Task Force (financial action task force). Brendan Thomas, Australian Transaction Reports and Analysis Center (Australian Transaction Reports Analysis Center) CEO said the Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill would "close these gaps and minimize the regulatory burden on currently regulated businesses". Most of these amendments will not come into effect until March…
Regulate banks’ anti-money laundering software to maximize compliance
Discover the complete guide to banking anti-money laundering software and study how it can assist in maximizing regulatory measures in advanced ways. Also Read: Payment Card Reader Integration with Online Banking Platforms Bank anti-money laundering (AML) software has become a practical solution for detecting and preventing financial crime. The global anti-money laundering software market has grown significantly, with revenue increasing compared to previous years. The market expanded steadily in 2016 and 2017, with global revenue expected to reach approximately $1.77 billion by 2023. This surge reflects growing regulatory requirements in the banking industry and the need for advanced solutions to combat money laundering. What is anti-money laundering compliance software? Anti-money laundering compliance software is an enhanced approach that helps businesses and businesses identify financial fraud occurring in their institutions. It involves entities recognized by government agencies, such as insurance agencies and financial services institutions. It is used to expose violations related to illegal activities, such as terrorist financing and money…
How to choose the right anti-money laundering software for your bank?
Learn the key factors in selecting the best AML software for banks. Learn how to protect your institution from fines and regulatory penalties using effective compliance and risk management tools. Over the past decade, from 2013 to 2023, more than 16,000 entities worldwide have been penalized by regulators. Establishing business relationships with sanctioned persons, non-compliance with anti-money laundering laws, money laundering, drug trafficking, and other financial frauds are the main reasons for these fines and penalties. Despite the huge fines and penalties, more than 90% of money laundering crimes go undetected. Are criminals smarter or are AML software unable to detect these crimes in real time? Whatever the reason, advanced, accurate and efficient Anti-money laundering software for banking Every suspicious transaction can be detected in real time. Therefore, it is necessary to choose an anti-money laundering solution suitable for the bank. Is there any protocol that every bank and financial institution must follow while choosing AML compliance software for their…
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