In an effort to enhance business efficiency and compliance with anti-money laundering and counter-terrorism financing (AML-CTF) regulations, a new software has been launched in Port Moresby. Targeting both financial institutions and non-financial businesses, this innovative tool aims to streamline the often time-consuming compliance tasks, enabling companies to allocate more resources and attention to their principal activities. Co-director of AML ISI Limited, Margareth Parua, highlighted the software’s swift processing capability, noting that it requires only about eight minutes to complete the necessary compliance operations.
The software is meticulously aligned with the AML-CTF Act 2015, which was collaboratively established by legal experts from Papua New Guinea (PNG) and Australia. This alignment is crucial in ensuring that the software meets all statutory requirements while optimizing efficiency. Emphasizing its critical role, Parua mentioned that the successful implementation of this software could prevent PNG from being included on the Financial Action Task Force’s grey list. Such an inclusion would entail tighter economic scrutiny, increased transaction costs, and a potential drop in foreign investor confidence, which could pose significant risks to the country’s financial stability.
Amira Ward, Parua’s co-director, underscored that the software directly addresses practical challenges that businesses in PNG frequently encounter. By simplifying and expediting the compliance process, the software is poised to promote broader adoption of AML-CTF programs across the country. This proactive measure is essential not only for safeguarding the nation’s economy but also for ensuring that businesses operate within a secure and regulated framework. As PNG continues to evolve its regulatory landscape, tools like this one will play an indispensable role in fortifying financial and operational integrity.
