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
A new financial crime guide released today will help businesses to combat Australia’s illegal wildlife trafficking trade by identifying, targeting and reporting suspicious financial activity.
Westpac and AUSTRAC have today agreed to a 1.3 billion dollar proposed penalty over Westpac’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Westpac and AUSTRAC have agreed that the proposed penalty reflects the seriousness and magnitude of compliance failings by Westpac.
As announced by the Attorney-General and Minister Dutton, I am pleased to confirm that AUSTRAC and Westpac have reached an agreement in which Westpac has admitted to over 23 million breaches of the AML/CTF Act and has agreed to pay a civil penalty of 1.3 billion dollars.
The Federal Court will now determine whether an order for the proposed penalty is appropriate. Subject to the Federal Court’s findings, both AUSTRAC and Westpac agree that this agreement reflects the seriousness and magnitude of compliance failings by Westpac.
AUSTRAC has issued an infringement notice to State Street Bank and Trust Company (State Street) for over $1.24 million for failing to report international funds transfers.
Today, AUSTRAC announced a change to the AML/CTF customer ID and verification Rule to help people experiencing family and domestic violence. Under the rule, if a customer cannot produce their driver’s license or birth certificate, or show a different address, banks and other regulated businesses can use alternative ways to verify their customer’s identity.
The Australian Government has seen a disturbing trend in violence used against children.
The Home Affairs Portfolio is leading the Government’s efforts in countering child sexual exploitation and abuse in the physical and online world.