Data breaches are becoming more common. Where they involve personal information, data breaches increase the risk of identity crime, fraud and cyber-enabled crime.
We have released guidance to help you:
Staying across our latest guidance updates has never been easier. The new Latest guidance updates page is a ‘one-stop shop’ to view all guidance recently released and updated by AUSTRAC.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) has recently been amended to clarify the way penalty units accrue for unenrolled businesses.
Event date: 1 November 2023
Location: The Sydney StartupHub, Level 1, 11 York Street, Sydney, NSW 2000
Focus area: Transaction monitoring programs and quality reporting
Cost: Free
Under the National Consumer Protection Framework for Online Wagering, Australian Governments have agreed to implement customer pre-verification for online gambling accounts.
To implement this measure, the AML/CTF Rules have been amended to strengthen the applicable customer identification procedures (ACIP) that apply to online gambling service providers.
We are receiving reports of scammers calling members of the public, posing as AUSTRAC or Australian Financial Intelligence Unit (FIU) investigators. The scammers state that the individual’s bank accounts were used for money laundering and are now under investigation.
Crown Melbourne and Crown Perth (Crown) have been ordered by the Federal Court of Australia, to pay a $450 million penalty over two years after AUSTRAC launched civil penalty proceedings against them for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Court also ordered Crown to pay AUSTRAC’s costs.
On 16 February 2022, AUSTRAC ordered the appointment of an external auditor to three entities; Bell Potter Securities Limited, Bell Potter Capital
Our Reporting Entity System Transformation (REST) team continues to support financial industry reporting entities to report international funds transfer instructions (IFTI) while they transition to the new ISO20022 format for cross-border messaging through Swift.
The Financial Action Task Force (FATF) is an intergovernmental body that sets the international anti-money laundering and counter-terrorism financing standards aimed at combatting financial crime.
Recently, FATF released several publications to help you understand and identify risk indicators and suspicious activities for a range of serious financial crime types.