Our recent work

AUSTRAC has accepted an Enforceable Undertaking from the Bank of Queensland Limited (BoQ) to improve its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action follows a compliance inspection by AUSTRAC which identified concerns relating to the adequacy of BoQ’s AML/CTF systems and controls.

Crown Melbourne and Crown Perth (together Crown) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). A court hearing has been set down for 10-11 July 2023, at which Justice Lee will consider the parties’ proposed settlement.

While AUSTRAC and Crown agree that a $450 million penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty.

AUSTRAC has accepted an Enforceable Undertaking (EU) from PayPal Australia Pty Ltd (PayPal) to ensure its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The EU comes after AUSTRAC identified concerns with PayPal’s systems, controls and governance in relation to its international funds transfer instructions (IFTI) reporting.

AUSTRAC has deepened ties with the United Kingdom (UK) this week, signing Memoranda of Understanding on back to back days with two British regulators, in a clear signal of Australia’s ongoing commitment to fight money laundering, terrorism financing and other serious crime.

The Memorandum of Understanding (MOU) with the United Kingdom’s Financial Conduct Authority (FCA) was signed on 16 February 2023 in London, by AUSTRAC CEO Nicole Rose and FCA CEO Nikhil Rathi.

AUSTRAC has released a financial crime guide today to help businesses identify and report financial transactions that may be linked to the purchase of child sexual exploitation material.

Offenders and facilitators use technology, including social media, live streaming, and gaming platforms to facilitate child abuse, with financial gain a primary motivator. Travel is no longer necessary to access victims or child sexual exploitation material. Online financial payments enable offenders around the world to purchase this material, which enables the abuse to occur.

Today AUSTRAC released Australia’s first national proliferation financing risk assessment aimed at strengthening domestic and international efforts to combat this serious criminal activity.

Proliferation financing is when a person makes available an asset, provides a financial service or conducts a financial transaction that is intended to facilitate the proliferation of weapons of mass destruction, regardless of whether the activity occurs or is attempted.

Today AUSTRAC released guidance to banks and superannuation funds to support people from diverse backgrounds and in challenging circumstances access the financial services they need.

Financial institutions require customers to provide identity documents to access their services.

However, some members of the community cannot access traditional forms of documentation to prove their identity, whether due to emergency, personal circumstances, location or structural barriers.

AUSTRAC will today commence civil penalty proceedings in the Federal Court against SkyCity Adelaide Pty Ltd (SkyCity) for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

The civil penalty proceedings come after an enforcement investigation into SkyCity, about which SkyCity was notified in June 2021. The investigation was a result of an AUSTRAC proactive, industry wide compliance campaign that began in September 2019.

AUSTRAC has commenced civil penalty proceedings in the Federal Court against The Star Pty Limited and The Star Entertainment QLD Limited (the Star Entities) for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

AUSTRAC has accepted an Enforceable Undertaking (EU) from two entities in the ING Bank Australia group (ING Bank Australia Ltd and ING Bank N.V., Sydney Branch) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. ING self-identified and voluntarily reported shortcomings in relation to its compliance with its anti-money laundering obligations. The resulting regulatory inquiries, including an investigation, identified concerns in relation to AML/CTF program, monitoring systems and controls, and reporting to AUSTRAC.