TCAE’s Post

We would like to thank everyone who participated today in the first of what will be a series of MYBA webinars. The subject was "KYC, Sanctions and Money Laundering: Essential Knowledge to Protect Your Business and Yourself". This was not just a compliance lecture. It was prepared by industry experts and designed to keep MYBA Members informed and empowered in today's rapidly evolving regulatory landscape. The aim of the webinar was to demonstrate how KYC and other measures are not there to "stop people from doing business" nor simply bureaucratic hurdles that need to be overcome. These measures are essential tools to protect your business, your clients, and your reputation. The more you know, the better equipped you will be to handle these challenges confidently and effectively. Our appreciation goes to our panelists Vanessa David (Chief Operating Officer - Camper & Nicholsons), François Munzer (Head of Legal & Compliance - Edmiston), George Kaye (Senior Associate - HFW) and to our wonderful facilitator Sarah Futhazar (Group Head of Charter - Camper & Nicholsons). Access to such valuable information is one of the reasons for becoming a MYBA Member. Visit myba-association.com to examine if you meet the criteria.

We were privileged to have Tim Lear, AUSTRAC General Counsel and National Manager Legal and Enforcement, Regulation and Reform, addressing the Australian Compliance Institute’s 10th annual AML and Financial Crime Congress on 15 May. Tim highlighted the AML/CTF T2 and P2 reforms but then emphasised that all T1 entities have obligations “right here, right now” and then spoke about AUSTRAC’s role, the 2024 regulatory priorities and approach to enforcement and as well as some key lessons from AUSTRAC’s recent court proceedings. An important reminder was AUSTRAC is interested in all T1 entities. He emphasised that just because AUSTRAC has not taken action in certain segments or groups, doesn’t mean these segments or groups are out of focus. Importantly he added entities should not expect that the result of identification of non-compliance will mean that “AUSTRAC will always work with the entity to help them remedy that non-compliance”. He then linked his narrative to “culture”. From the cultural perspective his message was very clear – non-compliance, or contravening the law, is not a risk organisations should choose to take. AUSTRAC has been issuing the largest civil penalties in Australian corporate history. The ACI’s AML/CTF Discussion Group is taking the above points and current issues further. This group is for members only. Those non-members wishing to try the Discussion Group please contact membership@compliance.org.au Register for the AML / CTF Discussion Group > https://ow.ly/83zS50SkvNC Best Heather Loewenthal (Director ACI) #australiancomplianceinstitute #aml #ctf #austrac #compliance

Yesterday Richard Simms of AMLCC presented a webinar to our members in Hong Kong, providing insights into the importance of an accountants' role in the fight against money-laundering. Delegates were not only reminded about the importance of due diligence, they were urged to remain vigilant, actively reporting any signs of suspicious activities that might compromise integrity. The necessity of establishing and strictly adhering to robust policies and procedures, were also highlighted. #aia1928 #AML #SARs #integrity

[ONLINE] The Regulatory Obligations of CSPs & the Role of the Compliance Office and the MLRO 27 June The session will focus on the regulatory obligations of Company Service Providers (CSPs) that are licensed by the Malta Financial Services Authority (MFSA) in Malta. The obligations shall be split into two, namely, regulatory obligations related to the recently updated rulebook, and sector specific AML obligations as described in the Implementing Procedures Part 2 for CSPs. The role of the Compliance Officer and the MLRO shall be discussed in such a regulatory context. Instructed by: John Caruana.

[ONLINE] The Regulatory Obligations of CSPs & the Role of the Compliance Office and the MLRO 27 June The session will focus on the regulatory obligations of Company Service Providers (CSPs) that are licensed by the Malta Financial Services Authority (MFSA) in Malta. The obligations shall be split into two, namely, regulatory obligations related to the recently updated rulebook, and sector specific AML obligations as described in the Implementing Procedures Part 2 for CSPs. The role of the Compliance Officer and the MLRO shall be discussed in such a regulatory context. Instructed by: John Caruana.

Australia is taking a huge step ahead in the battle against financial crime with the implementation of the new AML/CTF legislation, known as "Tranche 2". The amendments will dramatically widen the scope of Australia's AML/CTF regime, bringing it in line with international best practices. 🌎 🏆 Entities (known as "Tranche 2 Entities") that will be affected by Tranche 2: 💸 Accountants 🏡 Real estate agents 🏢 Trust and Company Service Providers (TCSPs) 💎 Precious metals dealers ⚖️ Lawyers What "Tranche 2 Entities" must do? 1️⃣ Enrol with AUSTRAC 2️⃣ Develop a risk-based AML/CTF program 3️⃣ Conduct Customer Due Diligence (CDD) and ongoing Due Diligence 4️⃣ Report certain transactions and suspicious activity 5️⃣ Keep record Stay tuned for the updates. 👉🏻

[ONLINE] The Regulatory Obligations of CSPs & the Role of the Compliance Office and the MLRO 27 June The session will focus on the regulatory obligations of Company Service Providers (CSPs) that are licensed by the Malta Financial Services Authority (MFSA) in Malta. The obligations shall be split into two, namely, regulatory obligations related to the recently updated rulebook, and sector specific AML obligations as described in the Implementing Procedures Part 2 for CSPs. The role of the Compliance Officer and the MLRO shall be discussed in such a regulatory context. Instructed by: John Caruana. 

𝗙𝗔𝗧𝗙 𝗚𝗿𝗲𝘆 𝗟𝗶𝘀𝘁 𝗨𝗽𝗱𝗮𝘁𝗲 #FATF has made significant updates to its grey list: 🔸 𝗠𝗼𝗻𝗮𝗰𝗼 and 𝗩𝗲𝗻𝗲𝘇𝘂𝗲𝗹𝗮 have been added to the grey list, indicating ongoing concerns about their AML/CFT regimes. 🔸 In contrast, 𝗝𝗮𝗺𝗮𝗶𝗰𝗮 and 𝗧𝘂𝗿𝗸𝗲𝘆 have made substantial improvements and are no longer subject to increased monitoring. 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 𝗳𝗼𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀: 🔍 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗗𝘂𝗲 𝗗𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲: Companies operating in or with partners in Monaco and Venezuela will need to implement enhanced due diligence measures to mitigate risks associated with these jurisdictions. 💼 𝗡𝗲𝘄 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀: The removal of Jamaica and Turkey from the grey list opens up new business opportunities, signaling a safer and more stable environment for investments and partnerships. 🌍 𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗧𝗿𝗲𝗻𝗱𝘀: These updates highlight the evolving landscape of global AML/CFT compliance. Staying ahead of these changes is crucial for businesses to ensure regulatory compliance and protect against financial crimes. 📈 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴: Businesses shall continuously adapt their compliance strategies to align with FATF guidelines. This proactive approach can enhance credibility and foster trust with international partners. #AML #CFT #FATF #Compliance #FinancialCrime #Regulation #BusinessStrategy #RiskManagement

📅 Save the Date! 📅 Mark your calendars for our upcoming training session targeting Real Estate professionals: Date: Saturday November 16th, 2024 Time: 10:00 AM - 12:00 PM (Does 1 pm - 3 pm work better for you? Send us a DM! for this time slot!) This essential Annual AML Training is designed for Real Estate Salesmen, Agents, Brokers, Conveyancing Attorneys, and their Compliance Officers. Gain insights into the most critical compliance practices in the industry. Training Outline: The importance of establishing beneficial ownership in real estate transactions. Identifying suspicious activity in property deals. Key AML compliance strategies for real estate professionals. Stay compliant and protect your business—don't miss this! 🖱️ New registration link coming soon. #RealEstateTraining #AMLCompliance #BeneficialOwnership #RealEstateAgents #ComplianceOfficers #SaveTheDate #StayCompliant #NovemberTraining