Business reporting and AUSTRAC analysis prompted an investigation into one offender’s systematic structuring of $2.5 million in cash deposits.
AUSTRAC’s financial intelligence helped convict a remitter laundering illicit funds for crime syndicates.
AUSTRAC’s financial intelligence helped law enforcement agencies dismantle a major drug syndicate operating in Australia and Vietnam.
AUSTRAC’s financial intelligence was the catalyst for a criminal investigation into a married couple’s unexplained wealth.
AUSTRAC sparked a criminal investigation into unregistered remitters that led to money laundering convictions and the forfeiture of millions.
Your AML/CTF program must document the enhanced customer due diligence program that you will apply when the money laundering/terrorism financing risk is high.
You must have a transaction monitoring program in place to identify suspicious and high-risk transactions from customers.
Some exemptions from AML/CTF compliance and reporting obligations are set out in legislation.
RegTechs play an important role in helping reporting entities meet their AML/CTF obligations.
AUSTRAC can require a reporting entity to appoint an external auditor. An external auditor is authorised by AUSTRAC for the specific audit.