Did you know that serious and organized crime cost Australians up to A$60.1 billion in 2020-21? Illicit financing is at the heart of most of these criminal activities lies. Pubs and clubs have become more vulnerable to risks of illicit financing. With the rise of electronic gaming machines, these areas may offer more than just entertainment. As …
AUSTRAC Compliance Requirements: A Guide for Pubs and Clubs Read More »
In an ever-evolving landscape of financial crimes, organizations must remain vigilant to protect themselves against money laundering and terrorist financing risks. Independent Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) reviews play a crucial role in fortifying financial security. This article explores the significance of independent AML/CTF reviews, shedding light on their ability to identify vulnerabilities, enhance …
Strengthening Financial Security: The Vital Role of AML/CTF Independent Reviews Read More »
In the realm of Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF), the competence and awareness of staff members are paramount in detecting and preventing financial crimes. RCA Group Pty Ltd, a leading provider of compliance solutions, recognises the significance of regular training programs to empower employees with the knowledge and tools necessary to uphold AML/CTF measures. …
Establishing an effective Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) compliance program is vital for businesses in mitigating the risks associated with money laundering and terrorist financing. A comprehensive AML/CTF compliance program template serves as a valuable resource, providing businesses with a framework to implement robust measures and meet regulatory requirements. This article will delve into …
Key Elements of an Effective AML/CTF Compliance Program Template Read More »
In today’s complex and interconnected financial landscape, businesses face increasing challenges when it comes to combating money laundering and terrorist financing. The implementation of effective Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) measures has become a necessity for organizations across various sectors. For RCA Group Pty Ltd, a leading provider of compliance solutions, understanding the importance …
The Importance of Regular AML CTF Training for Businesses in Australia Read More »
The New South Wales (NSW) government in Australia has implemented gaming machine reforms in order to regulate and control the use of gaming machines in the state. These reforms aim to reduce the harm caused by problem gambling and to provide greater protection for consumers. Some of the key reforms include: The NSW government continues …
The Australia Gaming Machine Review is a review process that is conducted by the government of Australia to assess the impact of gaming machines on the community. This review process aims to ensure that gaming machines are used in a responsible and regulated manner, and to minimize any harm that may result from their use. …
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is an independent government agency tasked with monitoring and regulating financial transactions to protect the country’s financial system against money laundering, terrorism financing, and other serious crimes. Recently, the agency underwent a review to assess its effectiveness and efficiency in fulfilling its mandate. The review, which was …
What Is the Federal Register of Legislation? Australia has a population of roughly 26 million people in a government that is a federal parliamentary constitutional monarchy. Understanding how our commonwealth legislation is handled gives you some perspective on the country. This means understanding the Federal Register of Legislation and its relationship to your business in …
The AML/CTF Act adopted in 2006 places several obligations on businesses. These obligations are put in place to protect both the company and the economy from financial harm. One such obligation is the AML independent review. Having an independent review of your AML program is a mandatory procedure within the country. And it is easy …
