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Slide 1: 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.
Slide 2: WHAT YOU NEED TO DO AND WHEN • Plan • Find technology solutions • Implement control solutions
Slide 3: Compliance report due by 31 March 2008?
Slide 4: Find technology solutions
Slide 5: Understand the new rules • Sources • Risk assessment • Know your customers
Slide 6: Sources of regulation
Slide 7: Customer Due Diligence (CDD)
Slide 8: Customer identification
Slide 9: Training • Ongoing employee training • Suspicious matters • Tipping off
Slide 10: Transaction monitoring • monitor the transactions of each customer on a risk basis
Slide 11: How best to comply? • New elements can be added to your existing system
Slide 12: Building on your existing framework Integrate with – General APRA obligations – ASIC licensing requirements – AS3806
Slide 13: Summing up • You must comply • Upgrade your existing program • Document your procedures
Slide 14: QUESTIONS? David Jacobson 07 3878 5098 david@djacobson.com www.jacobsonconsulting.com.au
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