This is a joint media release between the Australian Federal Police, the National Disability Insurance Agency (NDIA), AUSTRAC and Services Australia.
Six people allegedly involved in a Western Sydney crime syndicate have been arrested by the Australian Federal Police over a multi-million dollar fraud against the National Disability Insurance Scheme (NDIS).
The Financial Action Task Force (FATF) is inviting feedback on draft guidance about proliferation financing risk, and on digital currencies and digital currency exchange providers, known internationally as virtual assets and virtual asset service providers.
As Australia’s financial intelligence unit (FIU), AUSTRAC works closely with our FIU counterparts overseas to strengthen skills, improve governance, increase compliance with international standards and develop important relationships.
We recently released a financial crime guide to help you understand, identify and report suspicious financial activity to prevent fraud against the National Disability Insurance Scheme (NDIS).
NDIS fraud has a serious impact on the Australian public and economy, by stealing directly from the pockets of Australians living with disability.
We recently updated the applicable customer identification procedures (ACIP) and ongoing customer due diligence resources, to help you strengthen these two important parts of your AML/CTF program.
Your ACIP and ongoing customer due diligence are critical to protecting your business and the community from serious and organised crime.
A set of new guidance resources including a video animation, fact sheet and frequently asked questions on how to submit more effective suspicious matter reports (SMRs) is now available.
Submitting SMRs to AUSTRAC helps to protect the Australian community from money laundering, terrorism financing and other serious and organised crime.
Digital currency exchange (DCE) providers operating in Australia have been required to register with AUSTRAC since April 2018. Next month marks three years since the first digital currency exchanges started to register.
Throughout 2020 we saw a number of key areas where businesses could improve their anti-money laundering and counter-terrorism financing (AML/CTF) compliance.
To help you review and strengthen your AML/CTF program, systems and controls, we’ve developed five new regulatory guides.
Reforms have been made to strengthen Australia’s anti-money laundering and counter-terrorism financing laws.
The reforms, known as Phase 1.5, will increase the resilience of our financial system against criminal threats, while making it easier for businesses to understand and comply with their obligations.
In simpler times, a business front would suffice to make illegally acquired money appear legitimate. A chain of laundromats did the job for Al Capone and is the origin of the term ‘money laundering’.
Over time, criminals have turned to increasingly sophisticated methods to disguise the origins of dirty money and integrate it into the mainstream economy.