05 May 2017

AML / CFT: When Compliance Is Not Enough

This article outlines a case in Australia involving an employee of a reporting entity who was charged with money laundering even though he followed the AML/CFT program of the company in identifying customers. The article questions just how far a reporting entity should go to identify the beneficial owner and the problem that appears to exist where a risk based assessment for AML does not protect an employee from being charged with criminal money laundering.

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