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GRC Professional : GRC Spring 2012
17 in which they operate but also their employer's own measures to give effect to their own risk-based approach. Compliance role The 20-year career of London-based David Bagley as head of compliance at HSBC came to an abrupt end when it emerged through a US Senate inquiry that the bank had exposed the United States to billions of dollars of money laundering, drug trafficking and terrorist financing through its Mexican branch. Bagley laid the blame, in part, on the rapid growth of the bank for not being able to keep up. The Senate subcommittee identified the bank's poor money laundering controls and its avoidance of safeguards designed to block transactions involving terrorists, drug lords and rogue regimes at the bank. He paid the price for not doing his job properly. Clicking the mouse to file yet another threshold transaction report to AUSTRAC may feel more bureaucratic than crime- busting, but AUSTRAC's Atkins says the role of compliance officers is vital. "They're not just doing it for the sake of bureaucracy," she says. "They're not only preventing criminals from removing money from this country and disguising it, but in many circumstances they could easily be involved in helping break up an organised crime syndicate." But the compliance role, as Bagley found out, goes far Industry Sector Banks and other lenders -- Approx. 1100 entities, covering 'authorised deposit- taking institutions' (including domestic and foreign bank branches and subsidiaries, credit unions and building societies) and other lending institutions (including finance companies and specialist credit providers). Non-bank financial service providers -- Approx. 2300 entities providing services from financial planning to fund management, stockbroking, superannuation and life insurance. Gambling and bullion service providers -- Approx. 4000 entities, including casinos, TABs, hotels and clubs with gaming machines, bookmakers, and bullion dealers. Money service business -- Approx. 6100 entities, including remittance service providers, cash carriers and currency exchange dealers. Source: AUSTRAC X
GRC Winter 2012
GRC Summer 2013