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Compliance angle is crucial

Friday 29 June 2018


Australian Transaction Reports and Analysis Centre (AUSTRAC) emphasises that compliance needs to be at the centre of any technology solution.

“You have to be mindful and place importance on compliance, whatever you’re building, developing, prototyping, jamming,” Raj Walton, Director of innovation at AUSTRAC said at the financial intelligence unit’s (FIU) first Regtech Showcase earlier this week.

He sat on the AUSTRAC panel with Rachel Challis, Senior Manager of Regulatory Operations and Brad Brown National Manager of Strategic Intelligence and Policy. 
The Showcase Featured:

  • Silent Eight
  • Simple KYC
  • GRC solutions
  • Kyckr
  • Quantexa
  • Encompass
  • AML Accelerate
  • identitii
  • FutureFlow
Agility is key
Walton also warned that the at legislation is also subject to change and that means that product or processes that are being developed would need to be agile.

Rachel Challis also spoke on the importance of agility.

“Where we see businesses really fall down is changes either happen in their risk profile, their products, their systems and the law and they have not set themselves up to monitoring and responding to that in an agile way,” she said.
Challis is careful to say that Austrac’s approach to RegTech solutions is the same as their approach to an AML/CTF compliance program assessment of business.

“We don’t validate it, we don’t verify it, we don’t endorse the product, but what we do approach it in the way that we would approach looking at someone’s program or some other piece of their AML program,” Challis explained.

This would be an opportunity for AUSTRAC to look at it and let RegTechs know if there are issues.
“It a little bit like saying ‘here are our expectations, this is what we look for when we go to assess someone’ so you can factor that into your planning and your design,” she said.

UBO Register
Brad Brown told attendees said that a complete register for beneficial ownership is something that might be available sometime in the future, but there isn’t a firm timeline.

“There is not easy answer to that one, I think, like every country, we are required to comply with the international standard which is around the collection and the ability to obtain beneficial ownership information. “