Trade Finance Global (TFG)’s Post

HM Treasury has published eleventh annual supervision report providing information about the performance of anti-money laundering (AML) and counter-terrorist financing (CTF) supervisors between 6 April 2022 – 5 April 2023. The report consolidates and reviews data provided by each AML/CTF designated supervisor, and highlights any notable changes in supervisory activity and any fines that supervisors have issued. Access the report 👇 #moneylaundering #terroristfinancing #fraud

The AML/CTF Amendment Bill 2024 introduces significant changes to Australia’s anti-money laundering and counter-terrorism financing framework, including updates to ongoing requirements, customer risk assessments, and new identification standards. Dentons Partners Yechiel Belfer and Michelle Segaert provide a detailed analysis of the key impacts of these amendments on new and existing entities. Read More: https://lnkd.in/gcfs5xkc #AMLCTF #AntiMoneyLaundering #Dentons

Last week the long anticipated Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced into Parliament. The bill introduces a number of key reforms, including: - extending the AML/CTF regime to gatekeeper professions, such as real estate agents, dealers in precious metals and stones and certain professional services providers; - introducing an express obligation to carry out an ML/TF risk assessment; - expanding rules relating to governance and the role of the AML/CTF Compliance Officer; - expanding OCDD requirements and ECDD triggers; and - reducing IFTI reporting complexity and introducing a concept of 'international value transfer service', for which the reporting entity closest to the Australian customer has the IFTI reporting obligation. The reforms will come into effect from 31 March 2026, giving entities over 18 months to prepare and revise their AML/CTF Programs and processes. If you have any questions about the Bill, and what it will mean for you, please don't hesitate to reach out.

⚠️ New obligations related to anti-money laundering and counter-terrorism financing are on the way ⚠️ Agents need to be aware of what’s coming and start preparing for the implementation of the reforms. The reforms are proposed to commence on 31 March 2026, which is just over a year from now. You might be thinking: ❓ What is AML/CTP? 🏠 Why is the real estate industry captured? 🗒 What do you need to do? Learn about it here: https://bit.ly/3BeY963 You can also read more about the AML/CTF Amendment Bill 2024 and its impact here: https://bit.ly/3OFNyUV #antimoneylaundering #counterterrorismfinancing #AMLCTPamendmentbill2024

#GRCbytes : Australia The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024 has received Royal Assent, marking a major step in combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The Act introduces key reforms, including replacing the Designated Business Group (DBG) concept with Reporting Groups and requiring lead entities to oversee compliance. #didyouknow #compliance #risk #governance #riskmanagement #compliancemanagement #regulatorycompliance #statutorycompliance #regulatoryupdates #regulatorychanges #corporatecompliance #complianceprofessionals #lawyers #complianceofficers #complianceprograms #compliancefunction #cco #grcupdate #riskassessments #compliancefunctions #complianceculture

In parallel with the new real estate services, providers of professional services are also proposed to be captured within the ambit of the AML/CTF Act for the first time. … The explanatory memorandum identifies a number of different types of professions that provide these types of services and could be captured. These include: legal practitioners and conveyancers; accountants and insolvency practitioners; financial planners and wealth advisory businesses; business brokers and professional consultants; and trustee and company secretarial service providers.

Curious about the difference between Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT)? 🔍 Simply Comply breaks it down for you! Stay informed and stay compliant with our expert insights. 💡 Visit our website to learn more: https://lnkd.in/dvGyBAh #AML #CFT #Compliance #SimplyComply

The long awaited Bill to reform the AML/CTF regime was introduced today in the House of Representatives. The Explanatory Memorandum describes the 3 key objectives of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024: "• to extend the AML/CTF regime to certain higher-risk services provided by real estate professionals, professional service providers including lawyers, accountants and trust and company service providers, and dealers in precious stones and metals—also known as ‘tranche two’ entities • to improve the effectiveness of the AML/CTF regime by making it simpler and clearer for businesses to comply with their obligations, and • to modernise the regime to reflect changing business structures, technologies and illicit financing methodologies." https://lnkd.in/guPkcF9i

#AMLMonday To aid public and industry awareness, we will be running anti-Money laundering & Counter-Terrorist Financing (AMLCTF) content every Monday for the rest of this year. The first topic is the national risk assessment on terror financing (NRA TF). Watch, learn, share, and comment here: https://bit.ly/4h0hZSB