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 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.
The report on the independent review of the AUSTRAC industry contribution levy is now available.
The Fintel Alliance, an AUSTRAC initiative, recently supported law enforcement in tracking down and arresting a criminal syndicate that preys on Australia’s most vulnerable.
AUSTRAC is warning the community to be alert to scammers demanding a ‘tax payment’ before funds can be released to their bank account.
The scam involves bogus emails claiming to be from AUSTRAC.They include threats of jail and legal action if the demand is not complied with immediately.
An AUSTRAC delegation has spent the week in The Hague, Netherlands to attend the 2019 Egmont Group Plenary. The Egmont Group (Egmont) is a united body comprised of over 160 international financial intelligence units. Egmont provides a platform for the secure exchange of financial intelligence and expertise to combat money laundering and terrorist financing.
New case studies show how AUSTRAC’s financial intelligence and regulatory functions help to protect Australia’s financial system from abuse.
We work with government and law enforcement agencies in Australia and overseas to detect, disrupt and prevent money laundering, terrorism financing and other serious crime.
Read the case studies: