In a recent Australian Financial Review article, Nicole Rose, CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), stressed the importance of fortifying banks against money laundering.
In the opinion piece, Rose pointed out the growing interest and understanding of money laundering's devastating impact on communities and individuals. "There is now a lot more interest and a greater understanding of the devastating impact this crime has on individuals and communities," she wrote. "It sustains illegal activity such as illicit drug supply, human trafficking, fraud and corruption, and allows organised criminals to enjoy the proceeds of their crimes."
Rose also explained AUSTRAC's initiative, dubbed the Fintel Alliance, which focuses on increasing financial sector resilience to criminal exploitation and supporting law enforcement. This private-public partnership develops shared intelligence and delivers innovative solutions to detect, disrupt, and prevent serious crime. Rose concluded by emphasizing the need for all players involved in fighting money laundering to remain committed.
In our 2022 Compendium, Charles Littrell, former Inspector of Banks and Trusts at the Central Bank of The Bahamas, discussed how firms can cultivate healthy anti-money laundering cultures.
"Healthy AML cultures focus upon risk management rather than compliance," Littrell wrote. "A healthy AML approach is to deal only with customers who can comfortably demonstrate they are not involved in material financial crime." [Read more here]