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 released a new financial crime guide to warn businesses and their customers about the dangers of a money laundering method known as ‘cuckoo smurfing’.
Criminals use the ‘cuckoo smurfing’ method to move illegal funds into Australia and to disguise the profits of their criminal activities. It generally relies on exploiting the legitimate bank accounts of individuals and businesses here 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
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.