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Our recent work

AUSTRAC has commenced an enforcement investigation into Entain Group Pty Ltd.  This follows an extensive supervisory campaign that assessed entities within the corporate bookmakers sector.  The investigation will focus on whether Entain has complied with its obligations under the AML/CTF Act.

AUSTRAC Chief Executive Officer, Nicole Rose, said all reporting entities including those in the corporate bookmakers sector, must take seriously their role in combatting serious and organised crime.

AUSTRAC and the Nigerian Financial Intelligence Unit (NFIU) have signed a Memorandum of Understanding (MOU) for the exchange of financial intelligence.

Under the MOU, both countries will cooperate in the exchange of information related to money laundering and terrorism financing.

Deputy CEO, Dr John Moss represented AUSTRAC at the signing of the MOU with NFIU Director and CEO Mr Modibbo Hamman Tukur, while attending the Egmont Group Plenary meetings in Latvia.

AUSTRAC CEO Nicole Rose welcomed the agreement between AUSTRAC and the NFIU.

Thank you to Scott, Kieran and ACAMS for the invitation to be here today.

In reviewing the conference program, I was impressed by the range of issues being discussed. It is an effective reminder of just how pervasive and diverse the threats of money laundering and financial crime are, and the variety of ways criminals will look to exploit any and all vulnerabilities in our financial system.

The AUSTRAC-led Fintel Alliance has been awarded the Best Collaboration of the Year Award by the International Compliance Association (ICA). The award recognises the collaborative efforts of the Fintel Alliance to identify and disrupt organised crime syndicates using automatic teller machines (ATMs) to launder the proceeds of crime.

Thank you to FINSIA for the invitation to be here today. 

As many of you may know, AUSTRAC has a slightly different focus than that of my Treasury portfolio colleagues. Located within the Home Affairs portfolio, we tend to view our work through a law enforcement and national security lens, as opposed to the more traditional economic focus.

Accordingly, for those of you not as familiar with our work, I hope this will give you a slightly different perspective.

AUSTRAC has accepted an enforceable undertaking from National Australia Bank (NAB) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

AUSTRAC and the Victorian Gambling and Casino Control Commission (VGCCC) have strengthened their cooperation in the fight against serious financial crime through the signing of an updated Memorandum of Understanding (MOU).

The MOU will enable AUSTRAC and VGCCC to share information to protect the community by strengthening the gambling sector against criminal abuse. AUSTRAC also has MOUs with state and territory-based gambling regulators in NSW, QLD and ACT to enable strong partnerships and collaboration.

AUSTRAC has released two new financial crime guides to help businesses stop ransomware attack payments and the criminal abuse of digital currencies.

Cyber-enabled crime is an increasing threat to Australians. According to the Australian Cyber Security Centre (ACSC), 500 ransomware attacks were reported in the 2020-21 financial year, an increase of nearly 15 per cent from the previous year.

AUSTRAC is working with international partners, as well as Australia’s financial industry and partner agencies across government in a coordinated effort to track the movement of funds around the world and to identify opportunities to jointly target individuals and entities subject to sanctions.

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

This action follows proactive compliance work with the casino sector which led to a number of detailed enforcement investigations including into Crown Melbourne and Crown Perth’s compliance.