September 14 SAI and Knowledgeplatform Enter Into Anti-Money Laundering Partnership Agreement As Legislation Looms
Sydney, Australia, September 14, 2005 – SAI Global Limited’s (ASX: SAI) compliance services arm, Easy i, has entered into a partnership agreement with Knowledge Platform, the developers of the Australian Transaction Reports and Analysis Centre (AUSTRAC) anti-money laundering eLearning application that was launched by the Minister for Justice and Customs, Senator Chris Ellison, earlier this year.
The news comes as financial institutions, lawyers, accountants, real estate agents, and dealers in precious metals in Australia wait for new national AML legislation that is being amended to take into account international regulatory requirements.
The Chief Executive of SAI Global Limited, Mr Ross Wraight, said: “Compliance with the anti-money laundering legislation is fast becoming the leading issue faced by financial institutions in Australia, with many concerned about the overheads and complexities of compliance.”
“The new legislation, which is expected to be based around international standards contained in the revised Forty Recommendations of the FATF (Financial Action Task Force on Money Laundering) and will require a significant lift by a number of organizations in their current approach to managing the issue within their businesses,” said Mr Wraight.
Current AML legislation in Australia requires prescribed financial organisations to report suspicious transactions and international funds transfer instructions of any value, as well as cash transactions of A$10,000 or more, or a foreign currency equivalent, to AUSTRAC. The new legislation will be based on international standards outlined by FATF and revised in June 2003 and is expected to cover a wider range of financial services and service providers.
The four major themes of the international standards are:
Extension beyond the current range of financial institutions and other prescribed ‘cash dealers’ is expected.
This will require a higher level of due diligence, for example transactions with countries which do not adequately apply the international standards.
Places additional responsibility for the collection and submission of information which must be made available to the AML regulator.
Calls for an industry risk based approach including internal policies, procedures, operational controls, compliance management systems, independent audits, and the ability to demonstrate an organization-wide AML culture.
According to the Business Development Director of Easy i, Ms Catherine Rosenbrauer: “It is vital for Australia to keep pace with the rest of the world in the area of AML legislation. The UK based their 1994 AML legislation on a European Directive with the US and Canada implementing additional requirements beyond the international standards in the wake of the 9/11 attacks in 2001.”
“In working with some of the world’s largest financial institutions since 1995, by far the biggest demand for training has been AML solutions built around the FATF standards. There has also been a strong need to customise AML programs to accommodate country specific legislation across Europe and North America for clients such as American Express, Barclays Bank, Scotia Bank and TD Waterhouse.”
“We are currently working with different sectors of the market, with business specific versions covering the whole range of entities covered by the legislation. This includes retail and commercial banking operations as well as insurance and broker dealers.”
“As with other Easy i solutions, a complete package will be available including customisation by business line, job role, and jurisdiction. This will also embrace our complete solution support package, covering implementation planning and support, training needs analysis, tracking and reporting via OCCAM Compliance Learning Management System [LMS] and/or integration with existing reporting system as required.”
The news also comes following SAI’s recent acquisition of the Victorian based Anstat Group and according to Ms Rosenbrauer, we are now actively working with Anstat to build broad compliance solutions for clients. “These solutions will bring together best of breed training solutions and Australia’s leading providers of information and risk management solutions to the legal, property and corporate compliance markets.”
“We continue to take forward our plans to deliver complimentary solutions into the Australian market including new solutions covering Operational Risk Management, Privacy, and Codes of Conduct based on the Australia Standards for good governance AS 8000,” said Ms Rosenbrauer.
AUSTRAC’s Anti-Money Laundering (AML) eLearning Application has been designed to assist cash dealers, industry associations, members of the public and other interested stakeholders in understanding the various reporting and know your customer obligations within the Financial Transaction Reports Act 1988 (FTR Act).
The intent of the AML eLearning application is to provide a general understanding of the broader anti-money laundering environment and specific understanding of the various legislative obligations imposed by the FTR Act.
SAI Global will be speaking at BankTech in Sydney on September 16 and further information about its range of products and services can be found at
SAI Global is one of the world’s leading business publishing, compliance, training and assurance organizations with offices in Australia, New Zealand, Europe, North America, and across Asia. Through its extensive e-capabilities and its network of auditors, experts and training professionals SAI Global works with organizations to help them build better businesses.
AUSTRAC is Australia’s anti-money laundering regulator and specialist financial intelligence unit. In its regulatory role, AUSTRAC oversees compliance with the reporting requirements of the Financial Transaction Reports Act 1988 by a wide range of financial services providers, the gambling industry and others. In AUSTRAC’s intelligence role, it provides financial transaction reports information to State, Territory and Australian law enforcement and revenue agencies. For additional information regarding AUSTRAC, visit http://www.austrac.gov.au.
About Knowledge Platform
Founded in 2000, Knowledge Platform is an award-winning knowledge solutions provider in the Asia-Pacific region. From our offices in Singapore, Islamabad, Dubai, Delhi and Tokyo, we deliver a range of knowledge solutions: learning and knowledge management strategy, client enablement, content licensing and development, learning technology solutions, and instructional design training. Our multinational team of researchers, curriculum developers, trainers, instructional designers, programmers, graphic designers and multimedia specialists deliver innovative knowledge solutions for a blue chip multinational, regional and national client base.