This information will help you understand and implement reforms related to reliance on customer identification and verification by a third party, which came into effect on 17 June 2021.
Organised criminals use ‘cuckoo smurfing’ as a method of laundering money to disguise and integrate their funds across borders to profit from and further enable their illegal activities.
Generally this method of money laundering relies on exploiting the bank accounts of customers expecting to receive legitimate funds. These customers are often unaware that the funds transferred into their accounts are the proceeds of crime.
To protect Australia’s financial system against exploitation, AUSTRAC’s Fintel Alliance has developed this financial crime guide on cuckoo smurfing.
An important checklist to ensure that you have incorporated the key elements and details needed for effective SMR reporting.
A new guidance resource to assist reporting entities in submitting more effective SMRs
An overview of effective ongoing customer due diligence, including transaction monitoring and enhanced customer due diligence, based on key learnings from our regulatory activity.
- Download the Ongoing customer due diligence guide (PDF, 169KB)
An overview of effective money laundering/terrorism financing (ML/TF) risk assessments, based on key learnings from our regulatory activity.
An overview of effective IFTI reporting and processes, based on key learnings from our regulatory activity.
A guide to improving AML/CTF compliance for correspondent banking relationships, based on key learnings from our regulatory activity.
A video showcasing how Suspicious matter reports (SMRs) are a crucial source of intelligence for AUSTRAC.
The SMRs you submit are the ‘eyes and ears on the ground’ for AUSTRAC, law enforcement and other regulatory agencies. This guide contains tips on how to make effective suspicious matter reports to AUSTRAC.