| Anti-Money Laundering and Counter-Terrorism Financing Act 2006 reaches full force on 12 December |
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| Wednesday, 17 December 2008 | |
  
Institutions are required to identify and report all transactions above AUD $10,000, all international funds transfers, and all suspicious matters. Suspicious matters include all individual instances of suspicious behaviour by a customer at the point-of-sale, including highly frequent or unusual spending patterns, large amounts of currency being exchanged for traveller’s cheques, or the multiple issue of stored value cards or debit cards to be accessed offshore. Suspicious matter checks must extend across the branch network of each reporting entity. Reporting entities have only 24 hours to report suspicious matters that may be linked to the financing of terrorism, and three business days to report other suspicious matters. Reports regarding threshold transactions (over AUD $10,000) and international funds transfers must be submitted to AUSTRAC within ten business days. All reporting entities must put in place anti-money laundering and counter-terrorism financing rules specific to their business which can be audited externally. Companies failing to submit reports may later be deemed legally complicit in anti-money laundering or terrorism activities and subject to heavy financial retribution. IMX’s Anti-Money Laundering solution provides an efficient reporting and alerting system which enables banks and exchange facilities to meet their Anti-Money Laundering requirements quickly and easily, without impacting the customer experience or increasing operator stress levels at the point-of-sale. IMX’s Anti-Money Laundering complements and extends IMX’s Point of Sale (POS) solution to assist with real-time fraud detection and flags and reports suspicious transactions in the format required for governmental compliance regulations. Quick to deploy, the Anti-Money Laundering solution is a turnkey solution which can detect and report suspicious customer and/or teller behaviour and is fully compliant with Suspicious Matter Reports (SMRs) and Counter-Terrorism Financing (CTR) regulations in Australian jurisdiction. In addition, the Anti-Money Laundering solution can be fully customised for individual businesses to implement in-house Know Your Customer and anti-fraud rules. Tim Shaw, Product Manager at IMX said, “Anti-Money Laundering legislation can prove to be a minefield with institutions required to comply with specific regulatory rules in their jurisdiction as well as determine what constitutes compliance for their particular business. IMX’s focus has been to develop an Anti-Money Laundering solution that simplifies the compliance process for our customers whilst still providing a robust system which fully adheres to anti-money laundering regulations. Our Anti-Money Laundering solution simply gives our customers the tools to make themselves compliant, thereby protecting their business and avoiding the potential penalties of being found to be non-compliant by national regulators.” IMX’s Anti-Money Laundering solution performs four processes; detection, active management, reporting and timely intelligence. At the detection stage, it monitors transactions at point of sale for suspicious activity, matches against major watch-lists and records against historical transactions in real-time. If suspicious activity is detected, the Anti-Money Laundering solution actively manages data and creates Suspicious Matter Reports (SMRs) in a format which is acceptable to the regulator. Its timely intelligence capability also enables enterprises to develop predictive models that match trading data against patterns of suspicious behaviour in real time and automatically alert Anti-Money Laundering officers. Hits [ 8 ] |
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