The Investment and Financial Services Association (IFSA) has signalled its approval of discussions to improve anti-money laundering regimes.

Speaking after a ministerial anti-money laundering conference at the Securities Institute in Sydney last week, IFSA CEO Richard Gilbert praised the Federal Government for “entering into dialogue with the broader financial services industry”.

The meeting – which involved the Minister for Justice and Customs Chris Ellison, government agencies and the financial services sector – looked at implementing international recommendations on money laundering, and set out measures for national governments to comply with counter-terrorist funding standards.

Parties agreed the new system should allow a risk-based approach, with a regulatory framework – a point Mr Gilbert says IFSA particularly welcomes.

“IFSA is firmly of the view that the way forward is to legislate for the broader anti-money laundering principles and then develop industry codes in consultation with government and regulators.” 

Mr Gilbert also says IFSA welcomes the Minister’s recognition of “the need to avoid unnecessary duplication in customer verification procedures” and to minimise cost-shifting to consumers.