Speaker Introductions
Moderator
Neha Kumar opened the session by welcoming attendees and
launching an opening poll asking whether AML and sanctions teams currently operate in separate silos.
Speakers introduced included:
Aub Chapman - Leading Australian financial crime expert with extensive senior banking experience.
Manish Ghiya - Founder of Compliance Advisors, with deep AML and governance experience across Australia and India.
Sambit Mohanty - Head of APAC Sales & Business Development at Facctum, specialising in sanctions, digital fraud, and emerging risks.
Neha also introduced Facctum’s mission: simplifying financial crime compliance through advanced
technology, machine learning, and global regulatory expertise.
Governance and Accountability
Before diving into operational issues, speakers discussed why governance is at the centre of Australia’s AML and sanctions reforms.
Board-Led Accountability and the Future of AUSTRAC Compliance
AUSTRAC’s 2024 priorities emphasise board and executive accountability for AML/CTF culture.
Organisations must ensure that the risk appetite, business strategy, and compliance frameworks are aligned.
Middle‑management blockers , the “permafrost layer”, can prevent accurate risk information from reaching decision‑makers.
Accountability cannot be outsourced; senior leadership must actively oversee AML/CTF obligations.
Risk assessments must be refreshed regularly rather than being a “set and forget” document.
These points reinforced that cultural change must occur at every level of the organisation.
Sanctions, DFAT Expectations and Proliferation Financing
The panel discussed the sharp increase in sanctions enforcement across Australia, especially from the Australian Sanctions Office (ASO) and DFAT.
Sanctions Compliance in Australia Is Bigger Than a Screening Task
New sanctions guidance, including mining‑sector notes and proliferation‑financing expectations, requires updates to internal programs.
Sanctions must now be treated as a core part of AML governance, not a separate or secondary discipline.
Proliferation financing controls depend heavily on having mature sanctions frameworks already in place.
Institutions must revisit customer risk assessments, list selection, and ongoing monitoring frequency.
International operations raise complexity, obligations may differ across jurisdictions and create conflict if not centrally managed.
Overall, sanctions have evolved from simple name‑matching to a multi‑layered compliance discipline requiring deeper due diligence.
Risks of Siloed AML and Sanctions Processes
The session highlighted how fragmented systems and teams create real vulnerabilities.
Disconnected Compliance Systems Create Risks Regulators Can’t Ignore
Siloed teams produce multiple inconsistent versions of the same customer across product lines.
Missed connections between alerts can result in unflagged suspicious behaviour.
Regional teams may identify risks that do not flow across the organisation , a significant exposure for cross‑border financial institutions.
Legacy systems often capture outdated customer information that is never reconciled.
Regulators now expect continuous, near real‑time monitoring, which is impossible if systems operate independently.
Speakers reinforced that silo‑based AML and sanctions programs are no longer sustainable or defensible.
Data Quality and Integration Challenges
Data quality emerged as one of the most critical barriers to effective compliance.
Better Financial Crime Monitoring Starts With Cleaner, Connected Data
Institutions cannot achieve unified monitoring without standardised, reliable data collection practices.
Poor internal data quality undermines even the best external watchlists such as FacctList or monitoring platforms.
Legacy technology often prevents teams from linking counterparties, behaviour patterns, and historical events.
AI‑driven entity resolution and analytics require structured, consistent, and high‑volume data inputs.
Internal list management remains surprisingly manual in many institutions, slowing onboarding and increasing risk.
Improving data foundations is essential for risk detection and customer experience.
Balancing Customer Experience with Strong Compliance
The panel acknowledged the tension between fast digital onboarding and thorough AML controls.
Fast Onboarding Needs Smart Checks, Not Fewer Checks
Customers expect instant onboarding, meaning organisations must automate and streamline KYC and screening workflows supported by FacctView.
Manual Excel‑based internal blacklists slow investigations and introduce operational errors.
Poll results showed that internal workflows create onboarding delays for many institutions.
A unified view of customer risk helps reduce false positives and improves turnaround time.
High‑performing organisations successfully balance regulatory demands with customer experience expectations.
Technology, AI and Practical Steps for Improvement
The final portion of the webinar focused on concrete actions institutions can begin taking today.
Modernising Compliance Without Ripping Out Legacy Systems Overnight
Start by defining risk appetite and regulatory requirements before selecting technology.
Not all institutions need the most sophisticated tools, they must choose what is right for their scale and exposure.
Legacy systems cannot be replaced overnight; organisations should adopt step‑by‑step modernisation.
Platforms that unify data sources, list providers, and monitoring workflows deliver immediate value.
Platforms that unify data sources, list providers, and monitoring workflows deliver immediate value.
Skills development is as important as technology , teams must be trained to work with AI‑enabled systems.
Calibration of monitoring systems is critical and must be refreshed regularly.
The panel agreed that compliance transformation is a journey requiring governance, resourcing, and technology uplift.
Closing and Next Steps
The session ended with Q&A and a reminder for attendees to complete the feedback survey. Facctum also invited participants to the follow‑up session focused on Tranche 2 entities.
The webinar reinforced that connected compliance frameworks, supported by accurate data and modern technology, are essential for meeting Australia’s evolving AML and sanctions expectations.
For more information or to connect with the Facctum APAC team, please reach out via Facctum’s official channels.
Additional Highlights from the Discussion
The conversation included several practical examples and observations that brought the themes to life.
