Anti-money laundering: legislative update David Jacobson October 2007 Disclaimer: this is general information only and not specific legal advice for your particular circumstances. If you need advice for your AML compliance please get professional advice.

WHAT YOU NEED TO DO AND WHEN Plan Find technology solutions Implement control solutions

Plan

Find technology solutions

Implement control solutions

Compliance report due by 31 March 2008?

Find technology solutions

Understand the new rules Sources Risk assessment Know your customers

Sources

Risk assessment

Know your customers

Sources of regulation

Customer Due Diligence (CDD)

Customer identification

Training Ongoing employee training Suspicious matters Tipping off

Ongoing employee training

Suspicious matters

Tipping off

Transaction monitoring monitor the transactions of each customer on a risk basis

monitor the transactions of each customer on a risk basis

How best to comply? New elements can be added to your existing system

New elements can be added to your existing system

Building on your existing framework Integrate with General APRA obligations ASIC licensing requirements AS3806

Integrate with

General APRA obligations

ASIC licensing requirements

AS3806

Summing up You must comply Upgrade your existing program Document your procedures

You must comply

Upgrade your existing program

Document your procedures

QUESTIONS? David Jacobson 07 3878 5098 [email_address] www.jacobsonconsulting.com.au

David Jacobson

07 3878 5098

[email_address]

www.jacobsonconsulting.com.au