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.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
