A new financial crime guide released by AUSTRAC today will help financial service providers identify and report suspicious transactions indicative of criminals engaging in trade-based money laundering.
Trade-based money laundering is the process of disguising the proceeds of crime by moving funds through trade transactions, in an attempt to legitimise their illegal origin or finance illegal activities.
AUSTRAC welcomes today’s announcement that the Commonwealth Bank of Australia (CBA) and Griffith University have established an academy to focus on financial crime.
AUSTRAC CEO, Nicole Rose, said that rapid movement of money underpinning criminal activity requires partnerships globally and across sectors.
“Financial crime types evolve, exploiting opportunities and gaps in borders, knowledge and cooperation,” she said.
AUSTRAC has commenced an enforcement investigation into Entain Group Pty Ltd. This follows an extensive supervisory campaign that assessed entities within the corporate bookmakers sector. The investigation will focus on whether Entain has complied with its obligations under the AML/CTF Act.
AUSTRAC Chief Executive Officer, Nicole Rose, said all reporting entities including those in the corporate bookmakers sector, must take seriously their role in combatting serious and organised crime.
AUSTRAC has ordered the appointment of an external auditor to Gold Corporation under section 162 (2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The appointed external auditor will be authorised by AUSTRAC to assess Gold Corporation’s compliance with the AML/CTF Act and Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (AML/CTF Rules).
Australia’s anti-money laundering agency AUSTRAC is hosting the inaugural Pacific Financial Intelligence Analyst Course which commences at the Australian National University (ANU) today.
New technologies are changing the financial landscape in the Pacific which transnational crime syndicates are exploiting. AUSTRAC’s partnership with Pacific financial intelligence units mitigates these vulnerabilities, and ensures Pacific Islands are not seen as an attractive conduit by criminals.
The AUSTRAC-led Fintel Alliance has been awarded the Best Collaboration of the Year Award by the International Compliance Association (ICA). The award recognises the collaborative efforts of the Fintel Alliance to identify and disrupt organised crime syndicates using automatic teller machines (ATMs) to launder the proceeds of crime.
AUSTRAC has accepted an enforceable undertaking from National Australia Bank (NAB) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
AUSTRAC and the Victorian Gambling and Casino Control Commission (VGCCC) have strengthened their cooperation in the fight against serious financial crime through the signing of an updated Memorandum of Understanding (MOU).
The MOU will enable AUSTRAC and VGCCC to share information to protect the community by strengthening the gambling sector against criminal abuse. AUSTRAC also has MOUs with state and territory-based gambling regulators in NSW, QLD and ACT to enable strong partnerships and collaboration.
AUSTRAC has released two new financial crime guides to help businesses stop ransomware attack payments and the criminal abuse of digital currencies.
Cyber-enabled crime is an increasing threat to Australians. According to the Australian Cyber Security Centre (ACSC), 500 ransomware attacks were reported in the 2020-21 financial year, an increase of nearly 15 per cent from the previous year.
AUSTRAC will today commence civil penalty proceedings in the Federal Court against Crown Melbourne and Crown Perth for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
This action follows proactive compliance work with the casino sector which led to a number of detailed enforcement investigations including into Crown Melbourne and Crown Perth’s compliance.