15 Dec 2009
Callers posing as AUSTRAC employees
AUSTRAC has reported that there are currently individuals claiming to be AUSTRAC employees contacting reporting entities saying they are scheduled for an onsite assessment or desk review. These people have also tried to setup meetings with reporting entities.
Please note that AUSTRAC does not setup meetings or seek confidential information by telephone and such communications are always in writing. All AUSTRAC officers must produce photo identification before performing an onsite assessment.
If your organization is approached by anyone claiming to be an AUSTRAC officer attempting to schedule a meeting with you, please contact AUSTRAC on 1300 021 037 or (02) 9950 0827 as soon as possible. Please record as much information as possible about the caller (i.e. name, phone number, time of call, any identifying characteristics of the caller’s voice and what they are trying to arrange).
Further information is available at AUSTRAC website.
14 Dec 2009
New AML/CFT financing Rules Amendment
New AML/CFT financing Rules Amendment Instrument 2009 (No 5) have been set. These specify that the compliance reporting period for 2009 commences on 1 January 2009 and ends on 31 December 2009 and a Compliance Reports 2009 Fact Sheet can be found on the AUSTRAC website. Compliance Reports must be lodged between 1 January and 31 March 2010.
The new Rules also provide a definition of "exempt legal practition service" for the purpose of items 46 and 47 of table 1 in section6 of the AML/CTF Act.
- Item 46 relates to providing a custodial or depository service in the course of carrying on a business where the service is not an exempt legal practitioner service.
- Item 47 relate to providing a safe deposit box in the course of carryong on a business where the service is not an exempt legal practitioner service.
In addition, the Rules make provision for matters relating to cashing out of low superannuation fund balances, commodity warehousing of grain and friendly society closed funds.
13 Feb 2008
Inspex launch KYE reports
We are pleased to announce the launch of our KYE (Know Your Employee) reports. This will assist in the Due Diligence process required to know your employee and will compliment the current KYC reports to ensure your compliance. A full range of employee checking services are available and all reports are customisable to ensure you have access to the right information for each employee.
19 Nov 2007
Inspex launch further KYC Reports
Inspex have launched two new reports - International and Individual Due Diligence Reports. These will provide indepth information from WorldCheck including known terrorist lists and organized crime registries, and also investigate criminal & civl histories.
21 Jul 2007
AUSTRAC threatens to use sweeping new AML/CTF powers
A recent article in the Australian Financial Review dated 12 July 2007 stated that Neil Jensen, the chief of the nation’s anti-money laundering regulator (AUSTRAC), has threatened to use sweeping new powers to search offices, seize information and demand the appointment of external auditors to ensure businesses comply with the tough new federal law. Read the article here.
Inspex launch nationwide association and co-operative verification service
The ability to verify the details of all the organizations you deal with, including associations and co-operatives, is an important requirement of the Know Your Customer (KYC) component of the recent Anti-money Laundering and Counter-Terrorism (AML/CTF) Act. This service now enables you to verify the details of any association or co-operative from any where in Australia.
Release of the Australian AML/CTF Survey results
The results of the Australian Anti-Money Laundering and Counter Terrorism Financing Survey were released at a series of breakfast seminars. These seminars, hosted in conjunction with our strategic partners – Chairmont & EQuest - and sponsored by Microsoft & NetEconomy, provided insights into the major challenges faced in AML compliance.
Download a copy of the results of the survey here.
Inspex launch KYC Reports
Inspex have launched Stage 1 AML services - Know Your Customer Reports
The Know Your Customer (KYC) products will help ensure compliance with the KYC requirements of the new AML/CTF legislation.
For customers that are organisations (companies and businesses), the KYC solution will more than meet the minimum requirements set out in the Rules that accompany the AML/CTF Act.
Inspex launch KYC Compliance Readiness Survey
Following up on the success of the Australian AML/CTF Survey, Inspex have now launched the Know Your Customer (KYC) Compliance Readiness Survey. This survey focuses on the issues faced with the KYC deadline due in December 2007.
Participation in this survey will provide insights into industry readiness for the Dec 2007 deadline, and it may also help you assess your own KYC preparedness.
