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Evolution of global Anti-Money Laundering and Counter-Terrorism Financing regimes

The evolution of global AML and CTF regimes

This compelling video on Counter-Terrorism Financing (CTF) and Anti-Money Laundering (AML) regulation explores why this is something that both the government and the financial services industry need to pay attention to.

Martin Dougall

Partner in Charge, Forensic

KPMG Australia


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Since 9/11, we have seen a number of changes to the Australian AML/CTF regime, such as the AML/CTF Act 2006 and recent changes to the AML/CTF Rules dated 1 June 2014. While the understanding of Money Laundering risks have been maturing in Australia since 2006, the understanding of terrorism financing risks have taken longer to mature. In part, many people didn’t believe that Australia would be subject to major terrorist events that affected other parts of the world.

Recently, the understanding of Australia’s terrorism financing risk has rapidly increased due to the increased activity such as the Lindt café siege in 2014, the Parramatta shooting in 2015, and the increase in home grown terrorists since 2014.

While the Financial Action Task Force (FATF) are the international organisation that set the standards for AML/CTF for governments, the US regulatory approach and actions have significant influence on other jurisdiction’s governments and industries, when considering approaches to AML/CT.

In this compelling video, Teresa Pesce, the Global Lead for KPMG’s Anti-Money Laundering Practice and the U.S. Lead for Regulatory Enforcement and Compliance, explores the evolution of the USA PATRIOT Act, the broadened focus of the AML regulators, and why this is something that both the government and the financial services industry need to pay attention to.

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