Senior Advisor - Risk Advisory
Norton Rose Fulbright Australia
Related services and key industries
Charles Nugent-Young is senior advisor in the firm's risk advisory practice. Based in Sydney, Charles joins the firm from the Commonwealth Government where he worked in the Attorney-General's Department and Department of Home Affairs. From his time in Government, Charles has established an expertise in laws relating to anti-money laundering and counter-terrorism financing (AML/CTF), including the Financial Action Task Force (FATF) Standards, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and associated Rules and Regulations, and the operations of Australia's AML/CTF regulator and financial intelligence unit AUSTRAC.
Charles has played a leading role in a series of significant financial sector reforms, notably the regulation of digital currency exchanges under the AML/CTF Act, the establishment of both the Consumer Data Right and Banking Executive Accountability Regime and the implementation of the Asia Region Funds Passport in Australia. Most recently, he progressed reforms to the AML/CTF Act to bring the correspondent banking requirements into line with the FATF Standards, enable reporting entities to rely on customer due diligence procedures undertaken by a broader range of domestic and foreign entities, and expand the circumstances in which global banking groups can share financial intelligence within Australia and offshore.
In addition, Charles has conducted a number of assessments of other countries' compliance with the FATF Standards, trained stakeholders on domestic and international AML/CTF issues, provided capacity-building support to countries in the Asia-Pacific region and liaised closely with international regulators including the UK Financial Conduct Authority, the Monetary Authority of Singapore and the US Financial Crime Enforcement Network. Significantly, Charles has just completed his secondment as the Legal Expert Assessor on the Joint FATF/Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation Report of Japan that was adopted by the FATF Plenary in June 2021.