If you have ever been the target, let alone victim, of an online scam, you will appreciate that the cost is far greater than economic loss. Despite the perpetrators often…
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New FAR close to implementation for APRA entities
The Financial Accountability Regime (FAR), recently established by the long-awaited Financial Accountability Regime Act 2023 (Cth) (the Act), will come into effect for the banking industry in March 2024, and…
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Inside Job: The Plutus Payroll tax fraud conspiracies
The conduct of those persons complicit in the Plutus Payroll Australia Pty Ltd (Plutus) tax fraud conspiracies – the investigation into which is known as Operation Elbrus – amounted to…
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Modernising the AML/CTF regime
An update on the Government’s Modernising Australia’s anti-money laundering and counter-terrorism financing regime Consultation Paper.
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Fool’s Gold: GST and Precious Metals Fraud
It has been two years since ACN 154 520 199 Pty Ltd (in liq) v Federal Commissioner of Taxation (2020) 282 FCR 455; [2020] FCAFC 190 (EBS & Associates) and…
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The Beat Goes On: AML Non-Compliance May Be Widespread
NAB, Crown Melbourne, SkyCity Entertainment and Star Entertainment Group recently reported that they had been referred to AUSTRAC’s enforcement team.
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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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Ownership Versus Control: When Anti-Money Laundering Programs Miss the Point
AML/CTF programs should be developed to ensure they consider the criminal activities of individuals who control the money, not just own it.
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