In late August, AUSTRAC launched a community-based campaign targeted at unregistered money transfer dealers, also known as unregistered remittance dealers.
AUSTRAC has ordered the appointment of an external auditor to examine ongoing concerns in regard to PayPal Australia’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
These concerns relate to PayPal Australia’s compliance with its International Funds Transfer Instruction reporting obligations, which require regulated entities to report the transfer of funds or property to or from Australia.
AUSTRAC has issued a $252,000 infringement notice to Compass Global Holdings Pty Ltd (Compass) for failing to report international funds transfers between 2018 and 2019.
Entities regulated by AUSTRAC, such as money transfer dealers, banks and casinos, are required to submit International Funds Transfer Instruction (IFTI) reports to AUSTRAC on time.
This is a requirement under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC has launched a campaign targeting illegal money transfer dealers.
Money transfer dealers that have not registered with AUSTRAC and are operating illegally are at a high risk of having their services abused by criminals groups and do not have the same level of risk protections in place as registered money transfer businesses.
Money transfer businesses that are not a financial institution such as a bank or credit union offer a valuable service to their customers and communities by allowing them to send money to family and friends overseas.
This week AUSTRAC and the Australia Federal Police co-hosted the 22nd Annual Asia Pacific Group on Money Laundering (APG) in Canberra. Delegates spent the week discussing ways to bolster regional efforts to combat money laundering (ML) and terrorism financing (TF).
The Fintel Alliance, an AUSTRAC initiative, recently supported law enforcement in tracking down and arresting a criminal syndicate that preys on Australia’s most vulnerable.
Through working in partnership, Fintel Alliance analysts from government agencies and the Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac provided financial intelligence that allowed police to quickly dismantle the operations of a criminal syndicate in Western Sydney.
An AUSTRAC delegation has spent the week in The Hague, Netherlands to attend the 2019 Egmont Group Plenary.
AUSTRAC is warning the community to be alert to scammers demanding a ‘tax payment’ before funds can be released to their bank account.
The scam involves bogus emails claiming to be from AUSTRAC.They include threats of jail and legal action if the demand is not complied with immediately.
You will never receive direct communications from AUSTRAC as an individual about your financial transactions.
AUSTRAC has ordered the appointment of an external auditor to Afterpay Pty Ltd (Afterpay) to examine its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
New case studies show how AUSTRAC’s financial intelligence and regulatory functions help to protect Australia’s financial system from abuse.