Exclusive analysis from Complinet's Informer magazine for subscribers. The Autumn 2009 issue (PDF) is now available.
Until late August 2009, regulated entities looked to the Australian Transaction Reports and Analysis Centre as the sole arbitrator of compliance with anti-money laundering and counter terrorist financing standards. That changed when the Australian Prudential Regulation Authority accepted an enforceable undertaking from Mega International Commercial Bank, which was formed from the merger of the International Commercial Bank of China and Chiao Tung Bank.
The undertaking that Mega offered to APRA swiftly followed an enforceable undertaking that the bank gave to AUSTRAC on July 1, 2009 — the same day that Barclays gave its enforceable undertaking to AUSTRAC. APRA regards breaches of the AML/CTF regime as relevant to the quality of compliance with prudential standards. Those regulated by APRA can no longer treat AML/CTF as a sideshow.
To cap what has been a busy time
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