AUSTRAC is cracking down on cryptocurrency ATM providers in Australia who don’t comply with the country’s anti-money laundering regime.
AUSTRAC intelligence shows cryptocurrency poses a heightened money laundering risk, and is increasingly being exploited for money laundering, scams and money mule activities.
AUSTRAC has welcomed the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 through Parliament.
AUSTRAC has issued sixteen businesses with infringement notices for failing to meet their reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Identifying ways to combat serious financial crime will be a key focus when financial intelligence units (FIUs) from across the Pacific meet in Brisbane today.
Representatives from 13 Pacific nations are gathering for the Pacific Financial Intelligence Community (PFIC) plenary, which is hosted by AUSTRAC.
The three-day event provides a valuable opportunity for FIUs to further explore initiatives to fight financial crime. These include joint operations, intelligence sharing, capacity-building activities and region-wide technological enhancements.
Australia’s efforts to fight financial and serious crime have received a boost with today’s release of two national risk assessments on money laundering and terrorism financing by AUSTRAC.
SkyCity Adelaide Pty Ltd (SkyCity) has been ordered by the Federal Court of Australia to pay a $67 million penalty after AUSTRAC launched civil penalty proceedings against it for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Court also ordered SkyCity to pay AUSTRAC’s costs at $3 million.
The court found that SkyCity’s AML/CTF Programs failed to meet the requirements of the AML/CTF Act, and that it did not carry out appropriate ongoing customer due diligence.
Today AUSTRAC released a new financial crime guide to help businesses identify and report suspicious activity related to criminal networks targeting vulnerable international students and temporary residents as money mules.
AUSTRAC has accepted an Enforceable Undertaking from Sportsbet Pty Ltd (Sportsbet) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
SkyCity Adelaide Pty Ltd (SkyCity) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $67 million penalty over the casino’s contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC has issued eight infringement notices for reporting failures as required by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC’s infringement notices were issued to businesses and sole traders across a wide range of industry sectors including pubs and clubs, non-bank lenders, bookmakers financial services providers and trustees. The businesses received initial infringement notices ranging from $3,300 for sole traders to $16,500 for companies for each contravention.