Eclipse Bank- Brisbane Branch

Eclipse Bank is a medium-sized listed bank that has many branches across Australia. The Brisbane Branch, a relatively small branch, is situated in Eagle Street and has a staff of only 12. The Operations Manager resigned at the end of March 2023, and you (your student group) have been appointed as the new Operations Manager commencing 1 May 2023.In your first few days at the Branch, you have begun to suspect that the previous Operations Manager was not very diligent, particularly in relation to ML/TF risks and AML/CTF responsibilities and compliance. You have already assessed that the existing customer KYC documents are not in an ideal state, and you have raised some of these concerns with the Branch Manager and the AML Compliance Officer. They have suggested that you review the AML risk assessment program and transaction data for 2023Q1 (01/01/2023 to 31/03/2023) and report back to them before the end of May due to the urgency which this matter demands. They have asked that you present your findings and recommendations to the AML/CTF Compliance Team at the end of the month. Given the importance and urgency of this matter, they have requested several key deliverables for discussion and review as follows:

Task : Prepare a list of rules and procedures that willenable the Branch to identify high risk areas in the business based on the four risk dimensions and your knowledge of AML/CTF compliance to datethat should be implemented by the bank. Indicate which rules and procedures are applicable to new and existing customers. Your answer should also include a list of requirements (these may be procedures, policies or specific approaches or strategies) to ensure a strong AML/CTF program at the branch.

Itis recommended that you refer to Part a and Part b of the AML/CTF Program Compliance requirements of AUSTRAC.