Image courtesy AFP
The value of AML/CTF risk training for Governance
The external experts’ report commissioned by Westpac in response to the AUSTRAC allegations stated that the Westpac board risk committee had received training in AML/CTF compliance in late 2017.
Currently, Westpac shareholders are out $1.3 billion and more (in reputational damage and advertising costs - it was hard to miss the blanket rescue helicopter commercials) from the non-compliance dating back to 2013. If only the Board had received GOVLAW training early on…
AML/CTF training invaluable for Directors / Committee members
AUSTRAC has settled with Crown Casino for $450 million. The NSW inquiry into the Crown licence for the new Sydney casino found that:
In the circumstances of the devastating outcomes for Crown in this Inquiry, it is
suggested that the [NSW Regulator] introduces a requirement for all directors of any...
casino... provide certification of the completion of appropriate AML/CTF education, supplemented annually. [emphasis added]
What could the value of AML/CTF training be to your business?