The rush to compliance.

Australasian Business Intelligence, December, 2006

Byline: Simon de Bruyn

Dec 03, 2006 (BRW - ABIX via COMTEX) -- The Anti-Money Laundering & Counter-Terrorism Financing Bill is likely to be passed on 7 December 2006. KPMG's Peter Whyntie reports that financial services groups are reluctant to take action on the Bill until there is greater clarity. Wyntie and Chris Cass, of Deloitte, agree that lessons on preparing for the Bill can be learned from the staggered introduction of the Basel II banking guidelines. Banks are likely to spend heavily on implementation staff, since non-compliance with the Bill can result in fines of up to $A11 million. SAI Global's Catherine Rosenbrauer stresses the need to take ownership of implementation from the start.

Publication Date: 30 November 2006

KPMG...

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