According to reports, the Australian financial sector is looking at ways to implement tighter security and electronic reporting systems in an attempt to beef up the country's anti-money laundering practices.
Previously, only banks were required to report suspicious transactions. However, now that the Patriot Act requirements are taking effect on US brokerages, investment banks, mutual funds, investment advisers, casinos and credit card companies, to name but a few, many believe that it will not be long before the Australian finance industry follows suit.
According to experts, the Patriot Act is likely to have a more direct effect on larger Australian companies which have US links and undertake cross border transactions. However, interest in increased scrutiny and reporting has been observed across the board.
Nathan Bray, the General Manager of a US software group which numbers such financial giants as Zurich Financial Services and ABN Amro amongst its clients, revealed on Monday in the Australian media that financial services providers are principally interested, at this relatively early stage, in knowing what levels of reporting are technically possible.
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