AUSTRAC has issued a $252,000 infringement notice to Compass Global Holdings Pty Ltd (Compass) for failing to report international funds transfers between 2018 and 2019.
Entities regulated by AUSTRAC, such as money transfer dealers, banks and casinos, are required to submit International Funds Transfer Instruction (IFTI) reports to AUSTRAC on time.
This is a requirement under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC has launched a campaign targeting illegal money transfer dealers.
Money transfer dealers that have not registered with AUSTRAC and are operating illegally are at a high risk of having their services abused by criminals groups and do not have the same level of risk protections in place as registered money transfer businesses.
Money transfer businesses that are not a financial institution such as a bank or credit union offer a valuable service to their customers and communities by allowing them to send money to family and friends overseas.
This week AUSTRAC and the Australia Federal Police co-hosted the 22nd Annual Asia Pacific Group on Money Laundering (APG) in Canberra. Delegates spent the week discussing ways to bolster regional efforts to combat money laundering (ML) and terrorism financing (TF).
The Fintel Alliance, an AUSTRAC initiative, recently supported law enforcement in tracking down and arresting a criminal syndicate that preys on Australia’s most vulnerable.
Through working in partnership, Fintel Alliance analysts from government agencies and the Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac provided financial intelligence that allowed police to quickly dismantle the operations of a criminal syndicate in Western Sydney.
An AUSTRAC delegation has spent the week in The Hague, Netherlands to attend the 2019 Egmont Group Plenary.
AUSTRAC has ordered the appointment of an external auditor to Afterpay Pty Ltd (Afterpay) to examine its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
The NSW Police Force and the Australian Transaction Reports and Analysis Centre (AUSTRAC) are reminding digital currency exchange providers to be aware of their obligations following amendments to Commonwealth legislation last year.
A 27-year-old Bulleen man has been arrested during the second phase of an Australian Federal Police (AFP) investigation into an organised crime syndicate. Following the arrests, AUSTRAC suspended the registrations of two digital currency exchange businesses the man is associated with.
Today AUSTRAC released guidance to educate Australia’s Superannuation sector of the risks they face from criminal exploitation and how they can proactively combat financial crime.
AUSTRAC has cancelled the registrations of Ghadir Group Pty Ltd and Treasure Chest Trading Pty Ltd for ongoing non-compliance resulting in unacceptable money laundering and terrorism financing risk.