LONDON, UK, July 6, 2023 – Rudi Kesic, CEO of Verify 365, the London-based risk and compliance AML (Anti-Money Laundering) technology provider, has weighed in on the recent consultation paper by the Attorney-General of Australia, the Hon Mark Dreyfus KC MP, which detailed the Australian Government’s commitment to enhancing the nation’s AML and counter-terrorism financing (CTF) regime, with plans for consultations on the proposed reforms.
“With London being a pivotal hub in the world’s legal and financial system, the UK has developed what we believe to be the most advanced AML system globally,” said Mr. Kesic. “Given the ongoing dialogue surrounding Australia’s efforts to bolster their AML/CTF regimes, we strongly encourage learning from successful UK and EU models.”
Verify 365, a leader in AML technology for law firms, believes the UK and EU’s stringent approach towards combating AML fraud has much to teach jurisdictions worldwide. Mr. Kesic highlighted the potential benefits to the Australian legal community from drawing insights from these matured AML/CTF systems.
“Illicit financing sits at the heart of serious and organised crime, which has caused significant financial and societal damage in Australia. Enhanced AML/CTF measures can effectively address this issue, just as they have proven to be effective in the UK and the EU,” Mr. Kesic continued.
He applauded the Australian Government’s efforts to simplify the AML/CTF regime, as outlined in Part 1 of the Consultation Paper, recognising the need to make the regulations more accessible, especially for small law firms.
“Overcomplexity often hinders the effectiveness of such regulations,” Mr. Kesic said. “In the UK, we have worked extensively to balance comprehensiveness and simplicity in our AML system. This allows for better compliance, particularly from smaller law firms that often struggle with overly complex rules.”
Verify 365 has already made significant strides in Australia, with its Sydney office diligently to serving many of Australia’s largest law firms. As Australian lawyers move forward with implementing the Verify 365 platform, they’re making proactive strides towards improved financial security and compliance. Mr. Kesic added, “The positive response we’ve seen from our Australian clients is inspiring. It’s clear that they are dedicated to preventing financial crime and promoting an environment of transparency and integrity. We’re excited to continue working closely with these forward-thinking firms and contribute to the betterment of Australia’s AML/CTF landscape.”
Regarding Part 2 of the Consultation Paper, which proposes extending the AML/CTF regime to certain high-risk professions, Mr. Kesic believes this is a crucial step forward, citing similar broad-scope approaches in the UK and EU.
“Australia’s inclusion of lawyers, accountants, trust and company service providers and real estate agents is a significant step towards a more comprehensive, global fight against financial crime,” Mr. Kesic commented.
He concluded with an invitation for a cross-border dialogue and collaboration, urging nations worldwide to share their experiences and learnings in this critical aspect of global security.
“In the global fight against illicit financial activities and organised crime, collaboration is essential. Sharing experiences, best practices, and even lessons from past failures can only strengthen our collective defences. We stand ready to engage in such dialogue.”
About Verify 365
Verify 365 is a London-based risk and compliance AML technology provider, with offices in Sydney, Singapore and Toronto, catering specifically to law firms. The company leverages advanced technology and vast industry expertise to enable clients to safeguard their operations from financial crime and remain compliant with the ever-evolving global AML landscape.
