Counter-terrorism bill requires staff training: SAI Global
The impending introduction of the Government’s Anti-Money Laundering/Counter-terrorism Financing (AML/CTF) bill and how this will be implemented within companies has caused concern among Australian financial service providers, according to a study of 15 leading finance groups.
Conducted by The Market Intelligence company and commissioned by training provider SAI Global, key areas of concern identified in the study relate to how organisations will build teams and apply budgets following the introduction of the legislation.
It found there was strong demand for staff training covering the range of risk and compliance issues associated with AML/CTF, with companies keen to partner with organisations that can provide this, along with ongoing monitoring and reporting.
In response to demand ahead of the December 7 introduction of the bill, SAI Global has created workshops demonstrating how similar enterprise-wide education programs have been applied within international counterparts.
SAI Global’s manager of compliance, Australia, Catherine Rosenbrauer said: “We aim to give organisations a reasonable AML/CTF approach commensurate with the requirements of the coming laws.”
SAI Global will be the first to market with its one-day planning workshops addressing implementation challenges companies are likely to face once the legislation comes into force.
AML/CTF experts Joy Geary and Richard LaMonica will present the workshops, which consist of case studies of Australian and international client engagements.
These will be held in Brisbane on December 11, Sydney on December 12, and Melbourne on December 14.
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