If you read these links in conjunction with the one I posted...

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10/12/19

15:23

Post #: 41892374
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Originally posted by trader1221: ↑

Articles about BOQ and their AGM today:

Bank of Queensland says it is strengthening its anti-money laundering and counter-terrorism funding protections in response to concerns by AUSTRAC, but is not aware of any non-reporting of issues to the financial crimes watchdog.

"I want to be clear though, that BOQ is not aware of any instances of non-reporting to AUSTRAC,'' the bank's new chief executive George Frazis told shareholders this morning. "All of our international payments are processed through the SWIFT payment network and therefore have the appropriate monitoring and reporting attached to them.'' What do we take from this? What is the 'appropriate monitoring and reporting' that he's talking about, compared to the ISX view that it's insufficient and they need to take a different approach?

Anyone who has good knowledge of these processes, is the SWIFT monitoring and reporting a 'bare minimum' setup which could be improved on (i.e. ISX), or is it sufficient, as per the CEO of BOQ?

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If you read these links in conjunction with the one I posted earlier from AUSTRAC website it appears the originating institution that receives the order from the customer has the reporting obligation for international transfers This obligation appears irrelevant to the underlying technology such as SWIFT that processes the transaction.

https://www.austrac.gov.au/business/how-comply-guidance-and-resources/reporting/money-sent-overseas-itfi

https://www.austrac.gov.au/glossary/ordering-institution

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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