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Australian financial institutions have had two years to tweak their compliance programs and should expect to be penalized if they are found guilty of breaches of the country's anti-money laundering act, according to Tom Story, executive general manager of the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC, which operates as Australia's chief anti-money laundering (AML) regulator, expects financial institutions to have instituted risk-based programs tailored to their products and services, including key components like employee due diligence procedures and board oversight, said Story. Story, who formerly worked as the chief revenue advisor to the Transitional Islamic State of Afghanistan...