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Welcome to Compliance News April 2021
In this issue:
- New digital Regulatory Findings Report 2020
- Read about our recent enforcement actions
- There have been changes to the Financial Service Providers Register (FSPR)
- Targeted compliance assessment findings
Regulatory Findings Report 2020
We are pleased to provide our regulatory findings report for the 12 months ended 30 June 2020.This year we are presenting this in a ‘digital first’ interactive online format. The online report helps reporting entities understand our expectations and highlights areas for improvement.
To view our digital report, click on the image below.
Formal warnings issued to two reporting entities
When a reporting entity is not effectively meeting their obligations, we choose different courses of action depending on the circumstances. Where non-compliance that requires a formal warning exists, we always ask the reporting entity for comments on our findings and submissions provided are always considered before we act.
The Department has recently issued two significant formal warnings, the first in both the real estate and legal sectors. These warnings signal our shift from being mostly educative in the Phase 2 sectors toward ensuring effectiveness of the obligations in practice.
Read about the formal warning to real estate agent Property Brokers.
FSPR changes
As of 15 March 2021, Financial Service Providers registering or updating their annual report details on the FSPR are required to declare if they are captured under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) as a reporting entity and who they are supervised by.
Targeted Compliance Assessments
We are increasingly using targeted compliance assessments to ensure effectiveness and implementation of the AML/CFT obligations. Most recently, we used this approach to review reporting entities’ policies, procedures and controls relating to politically exposed persons (PEPs).
What you may have missed
Operation Ida - click on the image below to read the full article
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