The Dark Money Files

The Dark Money Files

If you would like to expand your AML knowledge with relevant, interesting and up to date views on the world of money laundering and its prevention, you could do worse than subscribe to the podcast hosted by Graham Barrow and his colleague Ray Blake. It’s called the ‘Dark Money Files’.

The latest episode (from 10 September 2024) deals with the potential problems caused by outsourcing any of your AML obligations, as highlighted in a recent publication by the Australian AML regulator, Austrac. They point out that outsourcing can trigger at least two types of risk:

  1. MLTF (money laundering and terrorist) risk – i.e. the risk that outsourcing could create vulnerabilities that criminals could exploit and
  2. AMLCTF Compliance Risk – i.e. the risk that your firm fails, through the outsourcing, to meet its regulatory obligations.

Also Austrac recommends that firms carry out due diligence on the outsourcing provider and suggests there may be data privacy laws that may apply.

For additional guidance, technical documents and CPD on money laundering and other accounting/audit related topics, please go to our website for:

Please go to our website for: