Understanding Your Compliance Priorities in 2024: How Momenta People Solutions Can Strengthen Your Financial Crime and Compliance Teams
In the ever-evolving landscape of financial regulations, staying ahead of the curve is not just a goal; it’s a necessity. The recent announcement from AUSTRAC outlining regulatory priorities for the year ahead underscores the heightened focus on bolstering the financial system’s resilience against money laundering, terrorism financing, and other serious crimes. As organization’s brace for increased scrutiny, Momenta People Solutions stands as your strategic partner, delivering tailored solutions to elevate your financial crime and compliance teams resourcing needs.
AUSTRAC’s Regulatory Priorities: A Closer Look
AUSTRAC’s regulatory priorities emphasise the crucial role of businesses in understanding, mitigating, and managing the risks associated with money laundering and terrorism financing. Particularly targeted are sectors deemed to face higher risks, including banking, gambling, and remittance. As these sectors remain under the regulatory spotlight, organizations must proactively address Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) challenges to ensure compliance and enhance their capabilities.
Expanding Regulatory Focus: Sectors Under Scrutiny
In addition to the familiar sectors, AUSTRAC’s heightened vigilance extends to several additional industries. The focus is twofold: uplifting AML/CTF capabilities and ensuring strict legislative compliance. The sectors now under scrutiny include:
- Digital Currency Exchanges (DCEs): With the growing prevalence of digital currencies, DCEs play a pivotal role in the financial landscape. Momenta People Solutions understands the unique challenges faced by DCEs and can provide specialised talent to enhance compliance frameworks and navigate the intricacies of digital financial transactions.
- Payment Platforms: As the backbone of modern financial transactions, payment platforms are integral to the regulatory landscape. Momenta stands ready to support organisations in this sector by delivering professionals equipped with the expertise needed to navigate complex AML/CTF requirements.
- Non-Bank Lenders and Financiers: The lending landscape is evolving, with non-bank lenders and financiers playing an increasingly vital role. Momenta’s tailored solutions cater to the unique AML/CTF needs of these entities, ensuring compliance and bolstering capabilities.
Emerging Threats and Vigilance
In tandem with AUSTRAC’s regulatory priorities, Australian compliance teams must also be vigilant against emerging threats in the financial landscape. Notably, a recent report by ACI Worldwide highlights the escalating losses to authorized push payment (APP) scams, projected to reach $6.8 billion by 2027. This alarming trend underscores the imperative for compliance staff to pay close attention to scam defense strategies outlined in the report. Strategies include creating an intelligence-sharing network, embracing responsible AI, and boosting consumer education, all driven by the right skills and talent.
Beyond APP scams, other threats Australian compliance teams should be on guard for include:
- Identity Theft and Synthetic Fraud: Criminals are increasingly sophisticated in stealing identities and perpetrating synthetic fraud, making it crucial for compliance teams to fortify their identity verification processes.
- Sanctions Violations: With an ever-changing global landscape, compliance teams need to stay abreast of sanctions lists and ensure strict adherence to international sanctions, preventing potential legal and financial ramifications.
- Emerging Technologies Risks: The adoption of new technologies, such as blockchain and decentralized finance (DeFi), presents both opportunities and risks. Compliance teams need to understand these technologies and adapt their strategies accordingly. They will also need to ensure they have the right talent to understand key risk integration strategies.
Momenta: Your Trusted Partner in Regulatory Compliance Resourcing
As the regulatory landscape expands and complexities grow, Momenta People Solutions remains committed to delivering market-leading talent to empower your financial crime and compliance teams. Our extensive experience in deploying skilled, qualified, and vetted temporary, fixed term and permanent professionals uniquely positions us to address the challenges posed by AUSTRAC’s regulatory priorities as well as emerging threats.
Partner with Momenta to navigate regulatory complexities seamlessly with the right talent. Our proven track record in delivering results on time and cost-effectively makes us the ideal choice for organisations seeking to stay ahead in an ever-changing regulatory environment.
In a landscape where regulatory scrutiny is on the rise, the right talent can make all the difference. Momenta People Solutions stands ready to be your strategic partner, providing the expertise and support needed to navigate AUSTRAC’s regulatory priorities successfully. Contact us today to ensure your financial crime and compliance teams are equipped for the challenges that lie ahead.
Works cited:
AUSTRAC (2023). AUSTRAC announces its 2024 regulatory priorities | AUSTRAC. [online] Austrac.gov.au. Available at: https://www.austrac.gov.au/news-and-media/media-release/austrac-announces-its-2024-regulatory-priorities [Accessed 14 Feb. 2024].
Davies , A. (2023). AUSTRAC Sets Regulatory Priorities for 2024, APP Scam Losses Predicted to Hit $6.8bn & the NCA Warns of Russia Sanctions Evasion. [online] www.linkedin.com. Available at: https://www.linkedin.com/pulse/austrac-sets-regulatory-priorities-2024-app-scam-losses-eq7vf/?trk=public_post_main-feed-card_feed-article-content [Accessed 14 Jan. 2024].
Diaz, M.-C. (2023). A holistic approach to combat synthetic identity fraud. [online] Finance Derivative. Available at: https://www.financederivative.com/a-holistic-approach-to-combat-synthetic-identity-fraud/ [Accessed 2024].
