Anti-money laundering: legislative update

David JacobsonOctober 2007

Disclaimer: this is general information only and not specific legal advice for your particular circumstances. If you need advice for your AML compliance please get professional

advice.

WHAT YOU NEED TO DO AND WHEN

• Plan• Find technology

solutions• Implement control

solutions

Compliance report due by 31 March 2008?

Find technology solutions

Understand the new rules

• Sources• Risk assessment• Know your customers

Sources of regulation

Customer Due Diligence (CDD)

Customer identification

Training

• Ongoing employee training• Suspicious matters• Tipping off

Transaction monitoring

• monitor the transactions of each customer on a risk basis

How best to comply?

• New elements can be added to your existing system

Building on your existing frameworkIntegrate with

– General APRA obligations– ASIC licensing requirements– AS3806

Summing up

• You must comply• Upgrade your existing program• Document your procedures

QUESTIONS?

David Jacobson07 3878 5098david@djacobson.comwww.jacobsonconsulting.com.au