New laws for digital currency exchange (DCE) providers operating in Australia have just been implemented by AUSTRAC, Australia’s financial intelligence agency and anti-money laundering and counter-terrorism financing (AML/CTF) regulator.
The new AML/CTF laws cover for the first time regulation of service providers of cryptocurrencies, including bitcoin.
As announced by the Minister for Home Affairs, I am pleased to confirm that AUSTRAC and CBA have reached an agreement, in which CBA has admitted to 53,750 breaches of the AML/CTF Act and has agreed to pay a financial penalty of $700 million dollars.
An agreement has been reached today between AUSTRAC and the Commonwealth Bank of Australia (CBA) for a $700 million penalty to resolve Federal Court proceedings relating to serious breaches of anti-money laundering and counter-terrorism financing (AML/CTF) laws.
Today AUSTRAC Deputy CEO Peter Clark has been awarded the Public Service Medal (PSM) for outstanding service to the Australian community.
For the last 17 years Peter has served the Australian public with excellence and distinction and has played a significant role in ensuring the stability and security of the Australian financial sector.
AUSTRAC has welcomed the $700 million civil penalty ordered today against the Commonwealth Bank of Australia (CBA) by the Federal Court of Australia.
This is the largest civil penalty in Australia’s corporate history and reflects the magnitude of the serious non-compliance by CBA.
This is a joint media release between the Australian Federal Police, NSW Police, Australian Border Force, Australian Criminal Intelligence Commission, NSW Crime Commission and AUSTRAC.
AUSTRAC is hosting a RegTech Showcase today in Sydney, bringing industry together with RegTech companies, to explore ways to harness regulatory technology to improve the ability of the private sector to combat money laundering, terrorism financing and serious financial crime, while reducing costs for businesses.
AUSTRAC’s initiative to host Australia’s first ever law enforcement and financial intelligence Codeathon has today won a Public Sector Innovation Award.
The Codeathon won the award’s ‘Culture and Capability’ category, which focuses on ‘people – the key facet in effective innovation’ and is a reflection of AUSTRAC’s culture of innovation.
Terrorism financing and the illegal movement of money through the Indo-Pacific just got harder with the commencement of the first regional Financial Intelligence Analyst Course (FIAC) in Brunei today.
The AUSTRAC annual report 2017-18 is now available. It highlights some significant and record achievements for the agency during the 2017-18 financial year.