How to avoid AUSTRAC’s feared litigation team

The recent ACAMS Australia conference gave financial crime practitioners an unprecedented level of detail about the strategic decision-making and policy issues behind the record A$1.3 billion Westpac anti-money laundering litigation.

Two high-profile speakers at the event included Sonja Marsic, senior executive lawyer with the Australian Government Solicitor (AGS), and financial crime expert Neil Jeans, who leads Initialism, a specialist anti-money laundering and counter-terrorism financing (AML/CTF) consultancy.

Marsic represented the Australian Transaction Reports and Analysis Centre (AUSTRAC) in the Tabcorp, Commonwealth Bank (CBA) and Westpac civil enforcement actions. Jeans was the expert witness for AUSTRAC in the CBA and Westpac cases, which are still by far the biggest civil enforcements in Australian corporate history. After the conference, Marsic and Jeans spoke about the key lessons from these enforcement actions and the secrets to staying out of AUSTRAC’s crosshairs.

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This article first appeared on Thomson Reuters Regulatory Intelligence.

Nathan Lynch is an experienced writer, public speaker, manager and technology enthusiast in the field of financial regulation and risk management. At Thomson Reuters, Nathan leads a team of experts who provide breaking news, deep analysis and practical guidance to risk practitioners in the global financial services sector.
Nathan manages Thomson Reuters’ award-winning Regulatory Intelligence team across the Asia-Pacific region, tracking developments in financial services law, regulation, financial crime and risk management.
Nathan has been involved in building innovative, tech-based businesses in the financial services “regtech” sector — including Complinet Australia and the Thomson Reuters Risk business.

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