On 17 June 2021, reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) known as Phase 1.5, came into effect. The reforms are designed to help businesses streamline their compliance and provide protection against the harms of money laundering, terrorism financing and other serious crimes.
To deep-dive into the potential issues novated lessors face in applying the AML/CTF Act, and to inform members on how the new Phase 1.5 reforms can be utilised, AFIA hosted an ‘AML/CTF Reforms - Novated Leasing Guidance’ webinar.
The webinar provided members an opportunity to engage directly with leading industry experts on their AML/CTF obligations, and will covered:
who the is customer is in a novated lease and whether the ‘consumer’ exemption (per the definition in s4B of the CCA) applies and therefore who KYC should be undertaken on
the potential issues with supplying for the purposes of re-suppling
Phase 1.5 AML/CTF reforms and the operational implications for motor financiers who offer novated finance leases
sanction obligations in divesting an asset at end of lease
AUSTRAC enforcements and audits in the industry
other AML/CTF technical issues specific to the sector.
Tune in to hear our subject-matter expert - Chelsea Payne, Associate, Piper Alderman and Elaine Cheung explore the practical impacts and operational requirements necessary for compliance with the AML/CTF laws and best practice for adhering to these standards.