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…
Volkswagen exits U.S. financing market, partners with Wells Fargo
The Volkswagen Group is in the process of transforming itself and moving away from offering its own private financing arm to customers. Now, it will partner with Wells Fargo to offer the service to customers at its dealerships. The shift in Volkswagen's financing strategy comes as its financial performance has declined. Volkswagen announced on Monday that its U.S. financial services arm (VWFS) will partner with Wells Fargo to offer financing to customers. While VWFS will continue to serve existing customers, Wells Fargo will become the primary financing option starting in April 2025. Essentially, Volkswagen is giving up its dominance in the U.S. financing space. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); Until now, American customers who wanted to take out a loan for a Volkswagen, Audi or Ducati car could apply directly through Volkswagen. Volkswagen itself would guarantee the loan. Now, in what seems to be…
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