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Fintel Alliance, an AUSTRAC initiative, today released a report to help industry identify and report on the common indicators of illegal phoenix activity.
Australia’s mutual banking sector is urged to take note of Australia’s latest money laundering and terrorism financing risk assessment report specific to the sector.
AUSTRAC has released proposed amendments to Chapter 11 of the AML/CTF Rules for public consultation.
In late August, AUSTRAC launched a community-based campaign targeted at unregistered money transfer dealers, also known as unregistered remittance dealers.
AUSTRAC has ordered the appointment of an external auditor to examine ongoing concerns in regard to PayPal Australia’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
AUSTRAC has developed products for pubs and clubs, highlighting money laundering and financial crime risks faced by Electronic Gaming Machine (EGM) venues.
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.
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.
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).
In the 2018-19 Budget, the Government responded to the Black Economy Taskforce's Final Report. This included the introduction of an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services.
