quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks

Australian Law Council Reports Practitioners Mitigating Money Laundering Risks ftr img

The Australian Law Council claimed they noticed in the survey that lawyers uphold rigorous regulation and AML compliance to safeguard the profession’s integrity and mitigate the risk of being part of illicit activities. 

The Australian Federal Government was considering to amend AML laws to regulate the legal profession. The law council released a new report stating that lawyers are in compliance with various regulations to combat money laundering and terrorist financing. They claimed the attorneys are proactively working to mitigate the risk of being part of any financial crime. Luke Murphy, president of the Australian Law Council, asserted that the report found the lawyers are complying with AML beyond their limitations and have taken additional steps to reduce risk. 

The lawyers limited the cash flow, mainly when the fund is coming from overseas, not holding any assets for clients, and ensuring they meet all rigorous regulations. Murphy also highlighted limitations identified in the report, which lawyers need to follow more regularly, as making inquiries about the client’s wealth or finding the source of income is challenging. Murphy stated, “knowing where vulnerabilities exist, we can be even more vigilant in addressing them through training and education; working with the banking sector to improve transparency; harmonising practices, regulations and requirements; and increasing use of technology such as electronic conveyancing.”

The Law Council of Australia also collaborates with the Law Society of NSW in amending its CFT/AML measures for the legal profession. NSW also will assist in complying with the latest obligations, which are anticipated to be released later this year. In 2020–21, major and systematic crime cost the Australian community up to A$60.1 billion, with illegal finance being the root of most crime types, according to the Australian Institute of Criminology. 

Murphy also urged that the amendments in the regulations from the government and authorities will enforce the burden on small law firms. He also stated that new laws would pose a risk to the client’s attorney authority, which came under Australia’s judicial system. Murphy asserted, “the vast majority of the Australian legal profession, 92 percent, operates through practices with less than four principals. These are classic small businesses scattered across the country, in the suburbs and the regions. Compliance costs in both time and money would potentially cast doubt on the ongoing viability of these firms.” 

Suggested Reads: 

AUSTRALIAN GOVERNMENT ANNOUNCES DEVELOPMENT OF GAMBLING REGULATIONS COMMISSION
AUSTRALIAN BANKS BAN HIGH-RISK DIGITAL CURRENCY TRANSACTIONS
AUSTRALIAN GOVERNMENT TO EXTEND AML AND CTF REGIME

Related Posts

News

European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation

Members of the EU Parliament, the European Commission, and state representatives are all set to n...

European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation Explore More

News

SFMS Reports Blocking Russian Crypto Exchanges

Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...

SFMS Reports Blocking Russian Crypto Exchanges Explore More

News

Interpol Launches New Center to Combat Financial Crime

Interpol has launched a Financial Crime and Anti-Corruption Center (IFCACC) as part of efforts to...

Interpol Launches New Center to Combat Financial Crime Explore More

News

The UK plans to levy on banks to prevent money laundering

According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

The UK plans to levy on banks to prevent money laundering Explore More

News

Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids”

The Better Business Bureau (BBB) is warning parents to be aware of ‘free child safety kits’ as sc...

Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids” Explore More

News

EFCC Enforces Real Estate Agents to Comply with Anti-Money Laundering (AML) Regulations

The Economic and Financial Crimes Commission (EFCC) urges real estate agents to strengthen their ...

EFCC Enforces Real Estate Agents to Comply with Anti-Money Laundering (AML) Regulations Explore More

News

FCA Declares £147m Fine on Credit Suisse for Due Diligence Failings

Credit Suisse was fined £147,190,200 for breaching FCA’s Principle 2 and 3 for Businesses as it f...

FCA Declares £147m Fine on Credit Suisse for Due Diligence Failings Explore More

News

Europol Releases First Financial and Economic Crime Report

Europol has published its first-ever threat assessment report on financial and economic crimes, h...

Europol Releases First Financial and Economic Crime Report Explore More

News

Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam

The US Secret Service and Spanish police were working together on an operation when they shut dow...

Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam Explore More

News

UAE Imposes Fines Exceeding Dh115 Million to Combat Money Laundering in Q1 of 2023

The UAE has imposed a monetary penalty of Dh115 million ($31.3M) in the first quarter (Q1) of 202...

UAE Imposes Fines Exceeding Dh115 Million to Combat Money Laundering in Q1 of 2023 Explore More

News

WhatsApp accounts hacked to acquire bank card details

Recently a new scam has emerged in Singapore where hackers are found to take-over WhatsApp accoun...

WhatsApp accounts hacked to acquire bank card details Explore More

News

South Africa Gets the Green Signal for New AML/CTF Laws

South Africa has finally gotten a green signal for new finance laws to address shortcomings ident...

South Africa Gets the Green Signal for New AML/CTF Laws Explore More

News

Pinterest Enhances Age Verification Measures to Protect Users Under 16

Pinterest reveals a new series of security features to make its platforms secure for teens. These...

Pinterest Enhances Age Verification Measures to Protect Users Under 16 Explore More

News

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

News

Amended Secrecy Law to Help Philippines Exit the Grey-List

The Philippines has proposed amendments to the Banking Secrecy Law to regulate financial accounts...

Amended Secrecy Law to Help Philippines Exit the Grey-List Explore More

News

Singapore Government Discloses Modified Regulatory Measures for Stablecoins

Singapore’s Central Bank has disclosed upgraded regulatory guidelines for stablecoins to keep cry...

Singapore Government Discloses Modified Regulatory Measures for Stablecoins Explore More

News

Largest Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations

Banco de Occidente, Columbia’s largest banking cooperation Grupo Aval owned by one of the richest...

Largest  Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations Explore More

News

FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams

FBI and the U.S. Marshals Service have warned of prevailing telephone fraud in which callers act ...

FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams Explore More

News

Mega Bank Fined $10 Million in Fake Mortgage Case

Due to poor internal controls, 28 fraudulent mortgage applications went undetected.  The Financia...

Mega Bank Fined $10 Million in Fake Mortgage Case Explore More

News

Chinese Bank trials the test interface for PBoC’s Digital Currency

One of China’s largest state-owned banks, the Agricultural Bank of China (ABC) is testing a new i...

Chinese Bank trials the test interface for PBoC’s Digital Currency Explore More

News

Pakistan Launches Contactless Biometric Verification for Banking

Pakistan has become one of the first countries in the world to implement biometric verification t...

Pakistan Launches Contactless Biometric Verification for Banking Explore More

News

Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC

A joint study by Transparency International Canada and the End Snow Washing Coalition highlighted...

Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC Explore More

News

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

News

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

News

65,000 Australian Credit Cards Discovered on Dark Web

A significant proportion of stolen credit cards contained private information such as addresses, ...

65,000 Australian Credit Cards Discovered on Dark Web Explore More

News

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe

ECB and BaFin have told Deutsche Bank that they are “not satisfied” with its probe into mis-selli...

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe Explore More

News

UKGC Revoked IMME’s Licence for AML Non-compliance

Licence of IMME was revoked by the UK Gambling Commission for not complying with the Anti-Money L...

UKGC Revoked IMME’s Licence for AML Non-compliance Explore More

News

Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel

Intel has confirmed the findings of CISC’s report saying that Canadian real estate is a safe have...

Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel Explore More

News

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022

UAE’s AML task force has imposed fines of over Dh41 million ($11m) in the first six months of 202...

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022 Explore More

News

EU Parliament Reaches Provisional Agreement on Extending Rules for Crypto Assets

The Council Presidency has reached a provisional agreement with the EU Parliament regarding the r...

EU Parliament Reaches Provisional Agreement on Extending Rules for Crypto Assets Explore More

News

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe

ECB and BaFin have told Deutsche Bank that they are “not satisfied” with its probe into mis-selli...

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe Explore More

News

Financial Watchdogs Flags Crypto Mixer Stoking as a Potential Risk For Money Laundering

Cryptocurrencies are highly criticized by financial watchdogs and governments for potential risk ...

Financial Watchdogs Flags Crypto Mixer Stoking as a Potential Risk For Money Laundering Explore More

News

South Africa Anticipates Removal from FATF Gray List in 2025

The South African government is anticipating that they will address all the FATF international st...

South Africa Anticipates Removal from FATF Gray List in 2025 Explore More

News

Australian Payment Network Reports 9.2% Increase in Payment Card Fraud

AusPayNet reports that the e-commerce industry experienced a 9.2% rise in payment card fraud due ...

Australian Payment Network Reports  9.2% Increase in Payment Card Fraud Explore More

News

TD Bank Agrees to Pay USD 1.2 Billion to Settle Investor Lawsuit

Toronto-Dominion Bank has agreed to pay US $1.2 Billion to settle an investor lawsuit which claim...

TD Bank Agrees to Pay USD 1.2 Billion to Settle Investor Lawsuit Explore More

News

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines Explore More

News

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

News

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

News

Morgan Stanley, Interactive Brokers Under Money Laundering Probe

The FBI, SEC, and other state agencies are now investigating why Morgan Stanley took on Rodriguez...

Morgan Stanley, Interactive Brokers Under Money Laundering Probe Explore More

News

OCC Warns Federal Banking System of Crypto & Cybersecurity Risks

The OCC has warned the federal banking associations, branches and agencies on crypto-asset and cy...

OCC Warns Federal Banking System of Crypto & Cybersecurity Risks Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud

US authorities have accused Russian oligarch Viktor Vekselberg of conspiring to launder money and...

US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud Explore More

News

SataBank is Set to be Formally Liquidated Over Money Laundering Concerns

The liquidation of Satabank has affected prominent names with a massive due amount. The infirm se...

SataBank is Set to be Formally Liquidated Over Money Laundering Concerns Explore More

News

South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents

SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing ...

South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents Explore More

News

24 scammers arrested on money laundering charges

Government officials have arrested over 24 money laundering suspects due to an online fraud opera...

24 scammers arrested on money laundering charges Explore More

News

MAS Finalises New Data-sharing Platforms for the Banking Sector

MAS has developed a new platform that will allow banks to securely share information and warn eac...

MAS Finalises New Data-sharing Platforms for the Banking Sector Explore More

News

Indonesia to Pass Regulations to Control Money Laundering

Indonesia is looking to develop a strong regulatory framework to curb money laundering and terror...

Indonesia to Pass Regulations to Control Money Laundering Explore More

News

FBI Warns of Tech Support Scammers Compromising Financial Accounts

The Boston Division of the Federal Bureau of Investigation (FBI) has warned of an increase in num...

FBI Warns of Tech Support Scammers Compromising Financial Accounts Explore More

News

Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case

Federal prosecutors in Switzerland are seeking compensation of $45 million in the Credit Suisse m...

Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case Explore More

News

Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan

Regulators seized First Republic Bank and sold a portion of its assets to JPMorgan Chase. This is...

Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan Explore More

News

FATF Publishes 35 New Indicators Against Trade-based Money Laundering

Financial Action Task Force (FATF) and Egmont group has published a new report on risk-indicators...

FATF Publishes 35 New Indicators Against Trade-based Money Laundering Explore More

News

SuperCare Health Faces Lawsuit for Having “Incompetent Security Measures” to Stop Data Breach

Plaintiff filed a lawsuit against SuperCare Health in the US Central District of California and a...

SuperCare Health Faces Lawsuit for Having “Incompetent Security Measures” to Stop Data Breach Explore More

News

Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally

Central Bank in Kyrgyzstan has given out recommendations for regulating the crypto industry and g...

Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally Explore More

News

CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries

The international financial authorities have teamed up with the Group of Twenty (G20) to create C...

CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries Explore More

News

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe

ECB and BaFin have told Deutsche Bank that they are “not satisfied” with its probe into mis-selli...

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe Explore More

News

Bank of England Introduces New Regulatory Approach for Crypto

The Bank of England is formulating the UK’s first regulatory framework for crypto assets and stat...

Bank of England Introduces New Regulatory Approach for Crypto Explore More

News

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

News

Taiwan’s Ministry of Justice Proposes Amendments in AML Laws to Strengthen Fraud Measures

The Ministry of Justice (MOJ) called for adequate measures in AML compliance and a streamlined sy...

Taiwan’s Ministry of Justice Proposes Amendments in AML Laws to Strengthen Fraud Measures Explore More

News

Japan Remains Distrustful of Digital Yen Despite its CBDC Research

Japan’s Central Bank Launches research on the Central Bank Digital Currency but still remains uns...

Japan Remains Distrustful of Digital Yen Despite its CBDC Research Explore More

News

Hong Kong Launches Meta Verse to Combat Crypto Crime

CyberDefender Metaverse is the first metaverse platform launched by Hong Kong Police to combat cr...

Hong Kong Launches Meta Verse to Combat Crypto Crime Explore More

News

European Commission Lists Online Gambling a High-Risk Sector for Money Laundering

The European Commission has listed online gambling as a high-risk avenue for money laundering aft...

European Commission Lists Online Gambling a High-Risk Sector for Money Laundering Explore More

News

FINTRAC Warns of Online Gambling Platforms Being Utilized for Money Laundering

Canada’s financial intelligence unit warns that illicit cash is being laundered through online ga...

FINTRAC Warns of Online Gambling Platforms Being Utilized for Money Laundering Explore More

News

FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance

FCA is reviewing UK’s small trade finance lenders to assess their due diligence, risk assessment,...

FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance Explore More

News

Members of Spalding Club Charged for Money Laundering Through Investment Scheme

Lincolnshire police reported suspected fraud cases in connection with a trading-based investment ...

Members of Spalding Club Charged for Money Laundering Through Investment Scheme Explore More

News

Toronto: 4 People Charged for Alleged Identity Theft and Fraud Worth Millions

Toronto police seized millions of dollars, Porsche Panamera, and other identity details after a y...

Toronto: 4 People Charged for Alleged Identity Theft and Fraud Worth Millions Explore More

News

Identity Thieves on the Hunt for Universal Credit Payments

The UK’s Department for Work and Pension (DWP) has been warning people for not repaying for the b...

Identity Thieves on the Hunt for Universal Credit Payments Explore More

News

Financial Regulators in China Ban Bitcoin Trading for Financial Security

China imposed a fresh ban on the cryptocurrency sector making the price of bitcoin fall below $34...

Financial Regulators in China Ban Bitcoin Trading for Financial Security Explore More

News

UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe

The UK’s NCA has recovered 5.6 million pounds ($7.5 million) from bank accounts in the country wh...

UK NCA Recovers $7.5 Million from Azerbaijani Laundromat Probe Explore More

News

Hong Kong Looking to Legitimize Crypto Trading for Retail Investors

The government of Hong Kong has been looking at whether to legitimize crypto trading for retail i...

Hong Kong Looking to Legitimize Crypto Trading for Retail Investors Explore More

News

US Targets More Russian Yachts Linked to Putin as Part of Extended Sanctions

The Treasury Department has expanded its Russian sanctions to target Moscow’s access to yachts as...

US Targets More Russian Yachts Linked to Putin as Part of Extended Sanctions Explore More

News

PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach

On May 28, 2021, FINTRAC announced changes in Canada’s anti-money laundering regime under t...

PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach Explore More

News

Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion

Kenyan authorities have frozen accounts containing Sh45 million belonging to two Nigerian compani...

Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started