The Australian --- Page: 31 : 22 January 2008 Original article by Karen Dearne
LexisNexis Summary
Neil Jensen is the CEO of Australian anti-money laundering agency, the Australian Transaction Reports & Analysis Centre, or AUSTRAC. He notes that financial institutions, investment advisers, brokers and gambling operators are now required by law to verify the identity of all clients. It is up to the individual providers and their risk assessment whether the conventional "100 points" system is sufficient or not. Jensen is also certain that the new AUSTRAC Online system just rolled out will be able to cope with the expected large increase in reported transactions. Privacy will be safeguarded, and AUSTRAC works with the Australian Taxation Office, as well as advising Pacific island nations on how they can comply with the new global standards. He has some concern about the volume of sensitive information Australians disclose voluntarily on social networking web sites.
