Software provider OneVue has launched a computer-based application, developed specifically to help financial services organisations comply with the new anti-money laundering (AML) legislation.
The new application is called OneVue AML Explorer and is available to be installed as software or can be accessed via the internet.
“AML Explorer proactively drives businesses to comply with AML legislation,” OneVue chief executive Connie McKeage said.
“It highlights potential problems, thereby enabling organisations to take fast remedial action,” she said.
Additional enhancements are still being made to AML Explorer. A feature allowing applications to be electronically submitted to the Australian Transaction Reports and Analysis Centre (AUSTRAC) will be available soon.
One unique function of the application is the ability to process names that match phonetically to those appearing on the Government’s lists of politically exposed persons and sanctioned organisations.
In other AML news, AUSTRAC has published the ninth chapter of its regulatory guide that explains the financial reporting requirements necessary under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Effective from December 12, providers of money transfer, bullion, gambling, or financial services will have to report suspicious matters, threshold transactions and international funds transfer instructions to AUSTRAC.
“Reporting entities are seeking information to help them understand and comply with their obligations. Providing this support is a key role as Australia’s anti-money laundering and counter-terrorism financing regulator,” AUSTRAC chief executive Neil Jensen said.
