Regulatory Compliance and Advisory
Across Australia and the Asia Pacific professional services rely on common standards of practice within their respective industries to maintain best-practice and legal protocols. Some businesses are required to update and comply with these types of compliances yearly even quarterly to enable their insurance and in some cases legalities to continue to run. Offering a range of Compliance services, Capstone has unique experience and certifications in the following Compliance
AML (Anti-Money Laundering) and CTF (Counter-Terrorism Financing) regulations and practices aimed at preventing illegal financial activities.
Australia's AML/CTF regime was implemented to address the threats that money laundering and terrorism financing (ML/TF) pose to national security and the integrity of key sectors of the economy, and to bring Australia into compliance with international AML/CTF standards developed by the Financial Action Task Force (FATF). The obligations under the AML/CTF Act are obligatory for organisations that provide "designated services" (such as financial services providers; banks; building societies; credit unions; superannuation funds; and the gambling industry) and are described as "reporting entities".
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Connect with us today to explore how we can be your partner in achieving compliance and enhancing your operational integrity.
Compliance with modern slavery laws requires businesses to actively assess and mitigate the risk of forced labour and human trafficking within their operations and supply chains. This involves implementing robust policies, conducting regular audits, and ensuring transparency in sourcing practices.
There has been a notable increase in regulations governing business stewardship within financial and supply chains in recent years. In Australia, the banking sector has been the subject of Royal commissions, and the implementation of the Modern Slavery Act (2018) reflects a proactive stance against serious forms of exploitation such as forced labour, debt bondage, human trafficking, and slavery. It is imperative for businesses to uphold a strong sense of vigilance in their practices, both domestically and internationally.
Even if a business does not meet the $100 million compliance threshold, voluntary submission of a modern slavery statement can serve as a powerful demonstration of Corporate Social Responsibility, particularly in high-risk environments. Embracing this approach can yield a positive impact on a business's reputation, commercial relations, and legal standing. It is essential to recognise that these reports are considered binding by the Home Affairs Minister, necessitating prudent allocation of resources by companies.
In Australia, the following offences are considered under the Criminal Code, each carrying varying degrees of penalties, including imprisonment for four to twenty-five years:
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Slavery
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Servitude
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Forced labor
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Deceptive recruiting for labour or service
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Trafficking in persons
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Domestic trafficking
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Child trafficking
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Debt bondage
Connect with us today to explore how we can be your partner in achieving compliance and enhancing your operational integrity.
The Monetary Authority of Singapore (MAS) and the Australian Prudential Regulation Authority (APRA) are key regulatory bodies overseeing financial institutions in their respective countries. APRA focuses on ensuring the stability, safety, and soundness of the Australian financial system, while MAS regulates and promotes the stability of Singapore's financial sector, emphasising innovation and consumer protection.
MAS / APRA set rigorous standards for financial institutions to ensure the integrity of their operations and the safety of the financial system. Compliance with these regulations is crucial, as it helps prevent the flow of illicit funds, protects the institution's reputation, and fosters trust in the financial system. All financial institutions operating in Singapore and Australia, including banks, insurance companies, and investment firms, must adhere to these regulations.
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To comply effectively, institutions must implement robust controls that include identifying and understanding their customers (including beneficial owners), conducting regular account reviews, and monitoring suspicious transactions. The key AML/CFT requirements outlined by MAS and APRA include:
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Risk assessment and risk mitigation
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Customer due diligence
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Reliance on third parties
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Correspondent banking and wire transfers
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Record keeping
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Suspicious transaction reporting
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Internal policies, compliance, audit, and training
As a leading risk and compliance firm, we specialise in helping businesses navigate the complexities of MAS and APRA requirements. Our team offers tailored solutions, including comprehensive risk assessments, customer due diligence processes, and training programs, ensuring that your institution meets all compliance obligations effectively.
Connect with us today to explore how we can be your partner in achieving compliance and enhancing your operational integrity.