Today AUSTRAC released four new Australian banking sector money laundering and terrorism financing (ML/TF) risk assessments. The four assessments examine the threats criminals pose to Australia’s major banks, other domestic banks, foreign subsidiary banks and foreign bank branches operating in Australia.
AUSTRAC has issued a remedial direction to Australian Military Bank Ltd (AMB) requiring the mutual bank to review and uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action follows ongoing regulatory engagement with AMB which identified concerns related to the effectiveness of AMB’s AML/CTF systems and controls.
Two more Australians have been arrested and charged in connection to a major joint international MDMA drug investigation originating in the Netherlands in 2019.
It will be alleged the syndicate has claimed more than $10 million since 2017 in NDIS funding. The value of the fraudulent claims are alleged to be in the millions. Investigations continue into the scale and total value involved.
AUSTRAC has today launched its ML/TF risk assessment of the junket tour operations (JTOs) sector.
A new financial crime guide will help businesses understand, identify and report suspicious financial activity to prevent fraud against the National Disability Insurance Scheme (NDIS). NDIS fraud is not a victimless crime and has a serious impact on the Australian public and economy, by stealing directly from the pockets of Australians living with disability.
Released today, the Fintel Alliance Performance Report 2019-20 outlines the impact the Fintel Alliance is having on protecting the Australian financial system and community from serious and organised crime.
The Fintel Alliance is AUSTRAC’s public-private partnership that brings together the financial intelligence expertise and skills of government intelligence and law enforcement agencies and Australia’s largest financial institutions and businesses to deliver new, joined up solutions to combat serious and organised crime.
This is a joint media release between NSW Police Force and AUSTRAC
AUSTRAC and the Financial Intelligence Unit of the United Arab Emirates (UAE-FIU) last week signed a Memorandum of Understanding (MOU) for the exchange of financial intelligence.
Under the MOU, both countries will cooperate in the development, exchange and analysis of financial intelligence related to suspected money laundering, terrorism financing, and other serious crimes.
AUSTRAC CEO Nicole Rose welcomed the agreement, which builds on links already established between AUSTRAC and the UAE-FIU through the Egmont Group of Financial Intelligence Units.
The AUSTRAC annual report 2019-20 highlights our achievements over a challenging year. This includes our agility in responding to the challenges posed by COVID-19 and the work being done to protect Australia’s financial system, businesses and the wider community from criminal abuse.