Costs for Financial Crime are rising and financial institutions in Australia are having to bear them. At the end of 2017, one of the Big-4 banks in Australia was alleged by AUSTRAC for breaches of anti-money laundering and counter-terrorism laws.
As of the first quarter of 2018, the bank has admitted culpability in half of the cases and has recently agreed to an AUD 700MN fine and settlement. The burning question for the Australian banking industry now is: how much does Financial Crime Risk Management practice need to be improved across the industry to avoid such issues in future?
Marie Stohldreier Associate