Unlike some countries (such as the US), Australia’s legislative references to tax “evasion” do not refer to a criminal offence or even a category of criminal offences.
Read more
AUSTRAC urges businesses to update risk assessments, following FATF reports
The Australian anti-money laundering regulator has urged reporting entities to review their risk assessments and compliance controls in the context of two new reports from the Financial Action Task Force (FATF)
Read more
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.
How launderers exploit Australia’s lax real estate laws to infiltrate banks
International money launderers are exploiting Australia’s continuing failure to pass “Tranche 2” laws, which has allowed them to defeat banks’ anti-crime controls
Read more
Australian senators push for inquiry into money laundering laws
Labor Senator Deborah O’Neill is set to call a vote on Wednesday for a broad-ranging inquiry into the “adequacy and efficacy” of Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework.
Read more
Cash Converters in AUSTRAC’s gunsights, as regulator sizes up next enforcement targets
Pawnbrokers, payday lenders and other non-bank reporting entities have been urged to review their financial crime controls, as the Australian Transaction Reports and Analysis Centre (AUSTRAC) broadens its supervision and enforcement crackdown.
Read more
Crown Resorts in AML crosshairs as AUSTRAC’s enforcement team eyes next target
Australia’s largest casino operator is facing enforcement action from the Australian Transaction Reports and Analysis Centre (AUSTRAC) following a 12-month review of its compliance controls that began in September 2019.
Read more
Afterpay escapes enforcement action over millions of ‘technical’ AML breaches
Australian fintech giant Afterpay has escaped formal enforcement action over millions of “technical” breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Read more
PayPal battens down hatches, as AUSTRAC lines up next targets
International payments titan PayPal Holdings is ramping up its compliance remediation work as the Australian anti-money laundering regulator considers its next major enforcement targets.
Read more
Westpac agrees to $1.3bn penalty for AML/CTF breaches
Westpac and AUSTRAC have agreed to a $1.3bn penalty for over 23 million alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The proposed penalty and…
Read more