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Gaming machine money laundering: What do operators need to do to comply with AML/CTF Laws

07/03/2023

Poker machine money laundering is in the spotlight again after concerns around serious and organised criminals targeting pubs and clubs to launder money. With the news regarding SkyCity, AUSTRAC has cited ‘systemic failures’ in the operator’s anti-money laundering and counter-terrorism financing (AML/CTF) programs, particularly regarding the failure to have a transaction monitoring program and to […]

Medibank cyber attack prompts increased APRA supervision

08/02/2023

APRA has intensified supervision of regulated entities for compliance with the Information Security Standard CPS 234 to combat cyber threats following the recent Medibank cyber attack. Concern for the security of information assets following the recent cyber incident at Medibank has prompted the Australian Prudential Regulation Authority (APRA) to step up its supervision of APRA-regulated […]

Internal audit & risk advisory

31/01/2022

Our dedicated, hands-on team have gained a market reputation in internal audit and risk advisory in supporting local government, water authorities, health entities and the tertiary education sector. Our teams work deeply in each sector, so have an innate understanding of key risks, pressures from key stakeholders, changing legislation requirements, budgeting and finance constraints and […]

Audit & assurance

21/12/2021

Whether your company is grappling with the risks posed by a global market, nurturing a business in a local market or need assurance that your financial information is accurate and your compliance requirements are met, our assurance advisors will work with you to review your business operations, books and records and financial viability to help […]

Jonathan Thomas, Partner

23/11/2021

Jonathan is recognised as a leading advisor to the banking, water and education sectors. With over 25 years’ experience in the provision of outsourced internal audit and risk management services, Jonathan specialises in probity, project governance, risk assessments, control evaluations and performance reviews. Jonathan is recognised as an expert in his field and has delivered […]

Bessie Zhang, Partner

23/11/2021

Bessie has more than 17 years’ professional experience. She led audit and advisory teams for IPO projects and multinational clients covering a wide variety of industries including mining, industrial market, consumer market and service industry. Prior to joining SW, Bessie was appointed the Chief Financial Officer for an ASX listed mining company which equipped her […]

Retail & distribution

23/11/2021

In this wholly technology-driven sector how and where people buy is constantly evolving, meaning retail businesses need to be more flexible than ever in how they deliver products to market. Our advisors understand the complexities of the retail sector, and the challenges you face in delivering exceptional customer experiences, managing inventory, supply chains, cash flow […]

AUSTRAC assesses Money Laundering and Terrorism Financing risks for the Australian banking sector

17/11/2021

AUSTRAC has produced four risk assessments for Money Laundering and Terrorism Financing (ML/TF) in the Australian banking sector for major domestic banks, other domestic banks, foreign subsidiary banks and foreign bank branches in Australia. Following engagement with bank representatives and industry experts, and analysis of transaction reports and partner agency intelligence reports, the four new […]

Wage theft criminalised in Victoria

30/09/2021

Consider the related financial, reputational and compliance risks for your business On 1 July 2021 wage theft became a crime in Victoria and it is expected that other states will follow.  The Wage Theft Bill 2020 creates new employee entitlement offences, comprising wage theft offences and new record keeping offences. It is designed to capture […]

AML/CTF changes now in place

08/07/2021

Anti-Money Laundering & Counter Terrorism Financing (AML/CTF) reviews are currently in full swing, and the regulator is expected to step up proactive monitoring. Following criticism and concern regarding Australia’s customer due diligence requirements, amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) were passed by parliament in December 2020, and these […]