Last year, the Federal Court of Australia penalised Crown Melbourne and Perth casinos with a $450 million fine over two years for contravening the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This case provides valuable insights on how you can understand and comply with your AML/CTF obligations and implement effective programs for your business.
In 2022, financial intelligence identified a 36-year-old Queensland man commissioning live-distance child abuse videos involving Filipino children over a three-year period. This analysis identified child sexual exploitation financial indicators in the offender’s activities.
I’ve now been with AUSTRAC just on two months. During that time I’ve quickly learnt what a wonderful place it is to be. We have incredible people working here, doing vital and important work combating financial crime. In this short time I’ve also had the opportunity to meet with a number of your businesses and will be meeting many more over the coming months.
A number of fake AUSTRAC websites were recently identified and shut down. While these sites are no longer operating, it is important for you to remain vigilant online so you can identify and avoid fake websites and possible scams.
On 2 May the Attorney-General announced the second stage consultation on reforming Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. This stage includes the Attorney-General’s Department (the Department) releasing consultation papers, which outline a series of detailed proposals for reforming the AML/CTF regime.
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).
What is a RegTech Symposium?
RegTech Symposiums are an AUSTRAC initiative that provide high-level information and guidance to the Australian RegTech industry. These events assist the development of more effective technology solutions for AML/CTF compliance.
A fake AUSTRAC website has been identified.
AUSTRAC has commenced an enforcement investigation into Hillside (Australia New Media) Pty Limited (bet365).
The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system: