AML risks for super funds
The superannuation industry is becoming an attractive target for money laundering and associated predicate crimes—particularly those cyber-enabled—due to its size, increasing digitisation, low levels of member engagement and heavy reliance on third parties and other outsourced service providers. Therefore, superannuation funds must stay abreast of money laundering threats facing the industry to ensure they are appropriately protected and remain compliant with their anti-money laundering obligations.
This virtual workshop, facilitated by Lisa-Marie McKechnie, Partner at Piper Alderman, Kathy Neilson, Partner at Piper Alderman, and Kerry Jacobs, Senior Associate at Piper Alderman, provides an update on money laundering threats in the superannuation industry, along with latest insights and practical guidance on how superannuation funds can mitigate these threats and otherwise ensure compliance with their anti-money laundering obligations.
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Key topics to be discussed
- An update on key anti-money laundering and counter-terrorism financing obligations for reporting entities in the superannuation industry and consequences for non-compliance with these obligations.
- The current money laundering threat landscape, significant shifts and emerging risks for the superannuation industry, having regard to the latest information released by AUSTRAC.
- Industry insights and practical guidance on how superannuation funds can mitigate money laundering threats and otherwise ensure compliance with their anti-money laundering and counter-terrorism financing obligations.
- The ever-rising risk of cybercrime and how businesses can ensure preparedness including by management of third party risks.
- Latest regulatory activity and focus areas including recent industry insights, guidance and enforcement actions by AUSTRAC.
- Recent and upcoming changes to the legislative regime.
Who should attend?
Trustees and directors
CEOs, and senior management staff
Governance, compliance and risk professionals
Service providers
Those who support the board/trustee function.
Presenters
Lisa-Marie McKechnie
Partner, Financial Services & FinTech, Piper Alderman
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Lisa-Marie is a leading financial services lawyer with extensive expertise in a broad range of matters impacting financial service providers across Australia and Asia Pacific. Lisa-Marie advises a wide range of financial services clients on all aspects of their operations and has specific experience assisting them with the highly technical aspects of their prudential regulation including licensing, compensation arrangements, breach reporting, data privacy, outsourcing, anti-money laundering and counter terrorism financing.
Over more than two decades, Lisa-Marie has also assisted a wide range financial services clients with the complex aspects of mergers and acquisitions, insurance and investments, contracting and outsourcing including assignment and novation.
Lisa-Marie has assisted superannuation funds manage a key stakeholder in their business, its life insurer, by advising on a diverse range of matters including transition to the new design and distribution and breach reporting regimes and with complex renewal, premium adjustment and reinsurance negotiations.
Known for her strong industry profile, Lisa-Marie is regularly called upon by industry bodies the Association of Superannuation Funds of Australia (ASFA) and the Australian Institute of Superannuation Trustees (AIST) to present at conferences and via in-person and on-line training sessions. Lisa-Marie was also most recently a Director on the Board of the Financial Services Accountant’s Association (FSAA) for 3 years
Kathy Neilson
Partner, Financial Services & FinTech, Piper Alderman
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Kathy is a highly experienced financial services lawyer having spent over 12 years in private legal practice, multi-disciplinary legal practice and at the Australian Securities and Investments Commission (ASIC).
As a leading financial services lawyer, Kathy regularly advises clients on regulatory requirements and product disclosure requirements including in relation to compliance with all aspects of the Corporations Act 2001 (Cth) and APRA prudential standards. She also advises in relation to mergers and acquisitions and associated disclosure requirements. Kathy also provides advice in relation to licensing, corporate governance and ASIC and APRA applications, investigations and current regulator priorities. In addition, she has expertise in relation to privacy and anti-money laundering and counter-terrorism financing (AML/CTF) obligations, including conducting independent reviews of AML/CTF programs.
While at ASIC, Kathy led the review and redrafting of the Regulatory Guide 97 fees and costs disclosure regime for managed investment schemes and superannuation leading her to develop an exclusive expertise in this area.
Kathy also presents regularly with The Association of Superannuation Funds of Australia (ASFA) to superannuation trustees on topical regulatory issues and contributes regularly to ASFA’s continuing professional development publications on topics such as cloud outsourcing, anti-money laundering, audit requirements and fees and costs disclosure.
Drawing on her diverse experience, Kathy can offer unique insights and knowledge to add value to her clients.
Kerry Jacobs
Senior Associate, Financial Services & FinTech, Piper Alderman
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Kerry is a financial services lawyer with significant experience in a broad range of financial services matters including superannuation, prudential regulation, regulatory compliance, data privacy, outsourcing, corporate governance and anti-money laundering and counter-terrorism financing.
Kerry advises financial services clients on varied issues including those in relation to superannuation, insurance, trust and corporate law, RSE licence obligations, including the trustee obligations under the Superannuation Industry (Supervision) Act 1993 (Cth), AFS licence obligations, covering general conduct obligations under the Corporations Act 2001 (Cth), client review and remediation conducted by AFS licensees, with a particular focus on ASIC RG 256, governance structures, including conflicts management processes, and legal review and gap analysis of Part A and Part B of anti-money laundering and counter-terrorism financing programs.
How you’ll learn
One-hour online virtual workshop.
ASFA’s virtual workshops are a live and interactive learning experience. Participants can engage with industry-leading presenters who are experts in their field, together with their peers, just like they would at an ASFA face-to-face workshop. It is a unique opportunity to workshop ideas and concepts in a collaborative online environment facilitated by experts.
Virtual workshops are limited to 30 participants to allow for discussion, and to ensure that participants have ample opportunity to ask presenters questions.
Pricing
Public virtual workshop
| Type | Inc. GST |
|---|---|
| Member | $195 |
| Non-member | $250 |
CPD Points
1 Continuing Professional Development (CPD) point for members of ASFA’s Professional Accreditation Program.
For all enquiries, contact ASFA Learning.
