The agenda-setting session with Australia’s peak regulatory bodies will include AUSTRAC for the first time for 2022, with chief executive Nicole Rose outlining the organisation’s priorities for the new financial year.
It means FINSIA’s long-running partnership with APRA, ASIC and the RBA will give members and guests an even broader perspective on the challenges and opportunities ahead, according to FINSIA CEO Chris Whitehead.
“We are delighted to expand The Regulators to include AUSTRAC as it will give our members a chance to hear directly about the issues they have to deal with,” said Mr Whitehead Chartered Banker F FIN.
“FINSIA is always looking for ways to enhance connections for members from different sections of the industry. Adding AUSTRAC to our portfolio of influential speakers at this important networking event in May is a natural progression.
“We have seen over recent years just how much of an impact money laundering has had on banking and financial services in Australia.”
Australian Prudential Regulation Authority Chair Wayne Byres SF FIN, Australian Securities & Investments Commission Chair Joseph Longo and Reserve Bank Australia Deputy Governor Michele Bullock will also be giving keynote addresses at the event in Sydney.
The importance of the relationship between banks and the financial intelligence authority was highlighted when the AUSTRAC chief praised them for work helping catching organised crime gangs involved in money laundering, organised crime, tax evasion and welfare fraud.
But it wasn’t always the case.
“When I first got into the job four years ago, people’s eyes glazed over when you talked about money laundering,” said Ms Rose recently.
“At first, it was just about ticking a box for government.
“Now, for a range of reasons such as the enforcement action, a number of inquiries and law enforcement prosecutions, people are getting it.
“There’s been really good discussions between CEOs and bank boards. There has been an absolute cultural change.”
With serious and organised crime seen as a national security threat that costs Australia at least $36 billion each year, according to Department of Home Affairs figures, it’s clear AUSTRAC has an ongoing integral role to play.
High-profile cases have resulted in billions of dollars in fines.
AUSTRAC has just launched a civil case against Crown Resorts, accusing the group of more than 500 breaches of anti-money laundering and counter-terrorism financing laws.
Its statement of claim totals 863 pages, and alleges Crown dealt with patrons involved in sex slavery. One as late as November last year, a month after Victoria’s royal commission found the company no longer suitable to hold a licence for its flagship Melbourne casino.
Money-laundering’s transnational tentacles means AUSTRAC’s remit is also international in scope especially in the Pacific where it is helping governments and banks improve their anti-money laundering and counter-terrorism financing capabilities.
Mr Whitehead added: “After COVID’s impact on face-to-face networking events it is really exciting to be expanding an event that has been part of the FINSIA calendar for more than a decade.”
