In 2021, at the height of the COVID19 lockdowns, AUSTRAC detected a pattern no one could ignore – an unusually high volume of cash deposits flowing into ATMs across Melbourne in the dead of night. What emerged would become Operation Taipan, one of Australia’s most significant money laundering operations at the time. 

It started with a man in a suburban shopping centre, feeding tens of thousands of dollars into an intelligent deposit machine (IDM). He would return again and again - sometimes in a distinctive green designer hoodie, sometimes eating a full meal in one hand as he deposited criminal proceeds at scale, in the other. Over about 12 months, the syndicate he worked for deposited an astonishing $62 million through Melbourne’s IDMs. 

But this wasn’t the beginning – or the end – of the story. 

How AUSTRAC saw it coming 

Two years earlier, AUSTRAC had brought the big 4 banks together through Fintel Alliance, a world leading public–private partnership connecting industry, law enforcement and government. The goal: examine emerging risks in IDM technology, understand unusual cash deposit behaviour, and work collaboratively to disrupt organised crime. 

That collaboration paid off. A joint ‘week of action’ between AUSTRAC, the banks and the Western Australia (WA) Police uncovered a criminal network moving millions through IDMs. This blueprint became the foundation of Fintel Alliance’s collaborative analytics hub, enabling real time data sharing and analysis far beyond standard reporting obligations. 

When Victoria Police later mirrored the WA approach, the scale of the laundering shocked even seasoned analysts. A professional syndicate with 3 individuals at its core – was moving 16% of all ATM deposits in Victoria, using IDMs to wash vast amounts of tainted cash while the rest of the state remained in lockdown. 

The syndicate behind the deposits 

The late-night launderer, Tao Zhou, was only the beginning. Surveillance and financial analysis soon unearthed the network’s hierarchy. The ringleader, Boliang Liu, and his associate, Wei Wang, had orchestrated a statewide laundering pipeline — at one point moving $1.6 million in a single week across multiple suburbs and machines. 

All 3 men were eventually arrested, plead guilty and were sentenced, with tens of millions in laundered funds linked directly to the syndicate. 

A legacy that shaped the future 

Operation Taipan didn’t just dismantle a criminal network — it reshaped Australia’s approach to financial crime and cemented the role of the Fintel Alliance in modern intelligence-sharing. 

AUSTRAC CEO Brendan Thomas said Operation Taipan was a turning point for AUSTRAC. It showed the sheer speed at which criminals exploit gaps – and the power of bringing our partners together to close them. 

“This investigation proved that when we pool intelligence across banks, law enforcement and regulators, we don’t just detect crime, we stop criminal business models in their tracks,” Mr Thomas said. 

Operation Taipan’s success drove lasting reform. Banks tightened controls around IDMs. AUSTRAC expanded its collaborative analytics model. And the Fintel Alliance strengthened its reputation as one of the most effective public-private crimefighting partnerships in the world. 

Fintel Alliance Executive Board Co-Chairs Dr John Moss and Cassandra Hewett said Operation Taipan was a pivotal moment for the Fintel Alliance. 

ANZ Group General Manager Financial Crime Risk Cassandra Hewitt said by uniting banks, law enforcement, and regulators in real time, we didn’t just detect suspicious behaviour, we dismantled a criminal business model operating at scale. 

“Fintel Alliance contributions to Operation Taipan show how shared data, advanced analytics and collective capability can be used to protect the Australian community,” Ms Hewett said.

Dr John Moss, Deputy CEO Intelligence said Operation Taipan underscored the strength of Fintel Alliance’s collaborative model and the vital role it is playing in disrupting financial crime. 

“The investigation demonstrated how quickly criminals exploit gaps and how powerful our united partnerships are in closing them,” Dr Moss said.

Hear the full story 

Want to go behind the scenes — from the initial red flag to the arrests that shut down one of Australia’s largest laundering syndicates? 

Listen to the VicPol podcast episode on Operation Taipan and discover how collaboration, data and determination changed the game.