Upload
informa-australia
View
225
Download
0
Tags:
Embed Size (px)
DESCRIPTION
Michael Fraser delivered the presentation at the 2014 Anti-Money Laundering Summit. The 2014 Anti-Money Laundering Summit discussed the current AG review into AML and the impending regulatory changes. For more information about the event, please visit: http://bit.ly/AMLSummit14
Citation preview
Anti-Money Laundering Summit 2014
11 September 2014
10.00—10.301
Tranche 2:
The Service Provider Perspective
Dr Michael Fraser CA
Reporting Leader
Chartered Accountants Australia and New Zealand
2
Privacy is not something that I'm merely entitled to, it's an absolute
prerequisite.
• Marlon Brando
Agenda
• Setting the scene
• Risk Based CDD – effective?
• Suspicious Matter Reporting
• Privacy: The ethical debate.
3
Risk Based CDD
4
Pair customer & risk Further thought needed?
Reduce Costs Subjective
Lower Compliance Burden Success relies on assessor
Deep dive on high risks More guidance needed?
Suspicious Matter Reporting
• Relevant matter and reasonable grounds
• Subjective – lead to confusion?
• Robust processes for SMR
• Training, peer review etc.
5
Privacy vs Law Enforcement
• An area of high concern
• $10,000 threshold: Inflation?
• Document retention period too long?
• Digital identify/verify less invasive
• Access to other bodies
6
Application to SMEs
7
Privacy Act
AML/CTF Act
Secrecy and access
8
Prohibiting disclosure of information
Allowing sharing of information
Privacy Principles
APP Summary of requirement
1—2: Management and policies Open and transparent privacy policy
3—5: CollectionBy fair means and individual advised as to its
purpose
6—8: Use and disclosureUsed for purposes collected and disclosed
with individuals consent or if law requires
9: Unique identifiers Can only be assigned to individuals in limited
circumstances
10: Accuracy Information is up-to-date and complete
11: Storage and securitySafeguards in place to protect information
from misuse
12—13: Access and alterationProvide access to individual and alter those
records if requested
9
Code of Ethics
• APES 110, Code of Ethics for Professional Accountants – Section 140: Confidentiality
• Must not disclose confidential information unless: • authorised by the client; or
• legal or professional right or duty to disclose (but strongly advised to obtain legal advice prior)
10
Privacy: Safeguards
Collection
Evaluation
Retention
Destruction
11
The international experience
• Cost v benefit
• Effective engagement?
• Social duty v business benefit
• Level playing field?
12
Thank you
Chartered Accountants Australia and New Zealand is a trading name for the
Institute of Chartered Accountants in Australia (ABN 50 084 642 571) and the
New Zealand Institute of Chartered Accountants – see
charteredaccountantsanz.com for further information.
14
“If you tell the truth, you don't have to remember anything.”
― Mark Twain