Australia readies new financial crime regulations next month

Australian companies are facing new challenges with upcoming federal regulations on financial crime. These rules will go into effect next month and require firms to address anti-money laundering (AML) and counter-terrorism financing (CTF) issues. Many organizations are not prepared for these changes, leading to concerns about compliance. There is a high demand for professionals skilled in investigating financial crimes. Jobs will soon be available for "anti-money laundering and counter-terrorism funding professionals." Companies will need to hire compliance officers and implement new policies and procedures. However, finding qualified candidates is proving difficult. To address this skills gap, several Australian universities are introducing programs in financial crime. Swinburne University recently opened a "financial crime lab" that aims to prepare students for careers in this growing field. The lab partners with KordaMentha, a firm known for its work in insolvency, cybersecurity, and forensic accounting. KordaMentha's Alice Saveneh-Murray highlighted the increasing number of entities that will require compliance officers, projecting a rise from 15,000 to over 100,000. She stressed the need for innovative ways to attract new talent to this market. Other universities are also taking similar steps. Griffith University launched its Academy of Excellence in Financial Crime Investigation last year, and Charles Sturt University offers a graduate diploma in fraud and financial crime. Swinburne is promoting itself as a provider of job-ready education to boost student enrollment. The new lab aims to create a pathway for students into the workforce and support KordaMentha’s expanding cyber practice. Critics believe that the collaboration between academia and industry is important for keeping educational programs relevant and effective in a rapidly evolving job market.