The Australian Securities and Investments Commission (ASIC) and the Serious Financial Crime Taskforce (SFCT)) have pressed 72 criminal charges against the directors and legal advisers of Members Alliance and Benchmark Group.
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IMPACT ANALYSIS: NAB’s senior management was aware of compliance failures as bank fined A$18.5 million
The NAB breached the Corporations Act on 2,285 occasions between 2013 and 2019 when charging 1,382 clients more than A$2 million
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Tax Evasion is Illegal, but not an Offence. Does AUSTRAC Understand its Own Risks?
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.
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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)
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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
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Inside AML: How Australia’s banks joined forces to break open a “cuckoo smurfing” syndicate
Australia’s world-leading Fintel Alliance has secured a major win in the fight against organised financial crime, after teaming up with state police for a “week of action” on cuckoo smurfing.
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Money laundering by gambling: Regulatory gap or green light?
News of Barangaroo Crown Casino’s alleged non-compliance with AML/CTF laws late last year raises the perennial question of how to best regulate the gambling industry.
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FinCEN leaks highlight need for “radical” approach to tackling financial crime
Governments need to consider taking more “radical” measures to tackle financial crime threats in the wake of the FinCEN Files, even if there is a risk of “intelligence leakage”, an industry poll has found.
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Australia unveils world-first “privacy preserving” fintel encryption project
Australia’s financial intelligence agency has lifted the bonnet on one of its most ambitious technical projects, which could allow money laundering networks to be uncovered that were previously hidden in the shadows and concealed across multiple banks.
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Anti-Money Laundering Court Case Hones in on Individual Actors
The Department of Internal Affairs (DIA) is one of three Anti-Money Laundering regulators in New Zealand. Last month, the DIA’s 5th major High Court case moved towards a conclusion, and it confirms an increasing trend to keep individuals on the hook for compliance failings.
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