Fintel Alliance helps banking staff identify illegal phoenix activity
Fintel Alliance, an AUSTRAC initiative, today released a report to help industry identify and report on the common indicators of illegal phoenix activity.
While the report examines illegal phoenix activity in the labour hire industry, the indicators are also relevant to other businesses that mainly pay their staff and suppliers in cash.
If you work in AML/CTF compliance, this Fintel Alliance report will help you more quickly identify and report on suspicious matters that relate to illegal phoenixing.
Download and share the Fintel Alliance illegal phoenix activity report
When to report a suspicious transaction to AUSTRAC
The key indicators of illegal phoenix activity include a customer’s demographic, financial activity, bank account history and company registration.
On their own, these indicators may appear normal. However, if you notice a combination of indicators, consider submitting a suspicious matter report to AUSTRAC.
Common indicators of illegal phoenix activity
|Financial activity indicators
|Bank account indicators
|Company registration indicators
About Fintel Alliance
Fintel Alliance is an AUSTRAC-led initiative for government and industry to collaborate in the fight against serious financial crime.
Our current priorities include disrupting organised criminal enterprises, supporting national operations, developing innovative solutions to fight serious financial crime, and protecting our community from criminal exploitation. Learn more about the Fintel Alliance