AUSTRAC and the Financial Intelligence Unit of the United Arab Emirates (UAE-FIU) last week signed a Memorandum of Understanding (MOU) for the exchange of financial intelligence.
Under the MOU, both countries will cooperate in the development, exchange and analysis of financial intelligence related to suspected money laundering, terrorism financing, and other serious crimes.
The Federal Court of Australia has today ordered Westpac to pay a $1.3 billion penalty for its breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The penalty imposed is the highest civil penalty in Australian history, reflecting the seriousness of compliance failings by Westpac.
The AUSTRAC annual report 2019-20 highlights our achievements over a challenging year.
On 12 June 2019, AUSTRAC ordered the appointment of an external auditor to Afterpay Australia Pty Ltd (Afterpay) to examine its compliance with the Anti
A new financial crime guide released today will help businesses to combat Australia’s illegal wildlife trafficking trade by identifying, targeting and reporting suspicious financial activity.
As announced by the Attorney-General and Minister Dutton, I am pleased to confirm that AUSTRAC and Westpac have reached an agreement in which Westpac has admitted to over 23 million breaches of the AML/CTF Act and has agreed to pay a civil penalty of 1.3 billion dollars.
Westpac and AUSTRAC have today agreed to a 1.3 billion dollar proposed penalty over Westpac’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Westpac and AUSTRAC have agreed that the proposed penalty reflects the seriousness and magnitude of compliance failings by Westpac.
AUSTRAC has extended the Rule for streamlined customer verification under the COVID-19 early release of superannuation initiative until 31 December 2020.
This extension supports the Government’s decision to allow the COVID-19 early release of superannuation initiative to continue until 31 December 2020.
AUSTRAC has issued an infringement notice to State Street Bank and Trust Company (State Street) for over $1.24 million for failing to report international funds transfers.
Egmont Group of Financial Intelligence Units has released a new report, Combatting child sexual abuse and exploitation through financial intelligence.