AML/CTF: Compliance Systems, Governance & Remediation
Examine the latest legislative reforms, key cases and enforcement actions in Anti-Money Laundering and Counter-Terrorism Financing. Gain insights directly from AUSTRAC regarding their governance expectations and how to meet AML/CTF obligations. Work through a step by step guide on how to design and implement an AML/CTF program. Finally, master how to respond to regulatory investigations and implement remediation programs. WEB216N15
Description
Attend and earn 3 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Chair: Naomi Fink, Senior Associate, Holley Nethercote Lawyers
2.00pm to 2.45pm Sex, Drugs and Money Laundering: AML/CTF Update
- An overview of the financial crime regulatory landscape in Australia and how the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) fits in
- AUSTRAC’s enforcement toolkit and what factors increase the risk of AUSTRAC taking enforcement action
- Consideration of AUSTRAC’s recent enforcement actions
- Deep dive into the AUSTRAC v Westpac proceeding that concluded in October 2020
- Key impacts of the recent changes to the AML/CTF Act and proceeds of crime legislation
Presented by Kate Jackson-Mayne, Partner and Sam Farrell, Solicitor, King & Wood Mallesons
2.45pm to 3.30pm INSIGHTS FROM THE REGULATOR: AML/CTF Requirements and Governance Systems
- The need to identify, mitigate and manage ML/TF risk
- Key obligations and their purpose
- The consequences of non-compliance
- AUSTRAC’s expectations on governance to support compliance with AML/CTF
Presented by Richard Lee, Director, Education Capability & Communications, AUSTRAC
3.30pm to 3.40pm Break
3.40pm to 4.25pm A Practical Guide to Designing, Implementing and Reviewing AML/CTF Programs
- Insights from recent and significant breaches and cases
- Strategies to address the emerging compliance issues
- Implementing cost-saving strategies
- Practical policies, procedures and strategies to manage risk
- Checklist of what works and what doesn’t
Presented by Adam Simms, Partner, BDO and Leigh Barrett, Managing Director and Principal Consultant, Leigh Barrett & Associates
4.25pm to 5.10pm When Things go Wrong: Regulatory Investigations and Remediation Design
- Should we be worried? Being alert to early warnings and knowing what to expect
- Do we really know what this is about? Adopting a holistic view and ensuring early test and challenge
- Where might this be heading? Developing a proactive and strategic response
- How will we get this done? Prioritisation and project management
- What are some key tips and traps?
Presented by Bryony Adams, Partner and Tony Coburn, Head of Banking Regulatory (Australia), Herbert Smith Freehills