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Crown Casino whistleblower alleges gambling giant skirting money-laundering laws

In a private room in Melbourne’s Crown Casino, a man wearing tracksuit pants and runners approaches a counter with a rectangular blue cooler bag. Calmly, he unzips the bag to reveal its contents: dozens of thick, neatly stacked bundles of Australian $50 and $100 notes. The bricks of cash are… Read More

Westpac’s big AUSTRAC dilemma

When the board of Westpac approves the bank’s 2019 financial statements in the next few weeks it will have to confront the tricky issue of how to deal with nine years worth of breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act. The board looked at the issue in… Read More

AUSTRAC warns fintechs, pubs to ‘harden their systems’

Financial intelligence agency AUSTRAC is warning pubs and clubs, money remitters and fintechs offering payments services to “harden” their technology systems to help protect against organised crime, or risk being hit with public enforcement actions as the agency is emboldened after the Hayne royal commission. After last week ordering United… Read More

25th September 2019

iSignthis transfers flagged multiple times at fallen Danish bank

A series of transfers in the final days of June 2018 by a subsidiary of iSignthis triggered suspicious transaction alarms at fallen Danish bank KAB because they were considered large foreign transfers, according to a joint investigation by The Australian Financial Review and Danish business daily Børsen. Documents obtained… Read More

25th September 2019

Australia’s Afterpay submits external audit report on money laundering concerns

Afterpay Touch Group Ltd (APT.AX) on Wednesday said it has provided an external auditor’s interim report to Australia’s financial crime watchdog following suspected non-compliance with laws on money-laundering and counter-terrorism financing. The buy-now-pay-later company also reiterated that it has not identified any money laundering or terrorism financing activity… Read More

24th September 2019

Australia examining Paypal for money laundering, terror law compliance

Australia’s financial intelligence agency on Tuesday ordered the appointment of an external auditor to examine Paypal Australia’s compliance with anti-money laundering and counter-terrorism laws. AUSTRAC said the order was given amid concerns about Paypal Australia’s compliance with obligations to report international fund transfers, which provide the agency with intelligence to… Read More

20th September 2019

Bringing banks and regulators closer in the fight against financial crime

Despite the best efforts of law enforcement agencies, regulators, international government organisations, diplomats and a complex framework of multilateral legislative and cooperative arrangements, the cost of financial crime and money laundering globally and regionally remains unacceptably high. The UN Office on Drugs and Crime estimates the amount of money… Read More

18th September 2019

Hunt for alleged $1bn cocaine yacht owner leads to secretive Cook Islands trust

The identity of those who own the stricken yacht that ran aground on a Western Australia reef allegedly carrying $1 billion of illicit drugs has been masked in secrecy. But nine.com.au can reveal a faceless offshore trust set up in the secretive Cook Islands is the registered owner of the… Read More

12th September 2019

AUSTRAC Fines Currency Exchange Business for AML Reporting Failures

Australia’s anti-money laundering regulator disclosed a $252,000 infringement notice against Compass Global Holdings Pty Ltd for failing to report international transactions as required by a 2006 law. The Australian Transaction Reports and Analysis Centre, or AUSTRAC, said the cross-border transactions occurred in 2018 and 2019. Under the Anti-Money Laundering and Counter-Terrorism Financing… Read More

11th September 2019

Banks accused of ‘slut-shaming’ for refusing financial services to sex workers

Banks have been accused of “corporate slut-shaming” for refusing financial services to sex workers, with NAB singled out as “absolute worst hypocrites”. Victorian MP David Limbrick says a number of banks have contacted sex workers in recent weeks to tell them their accounts have been cancelled and to take their… Read More

9th September 2019

NZ and Australia plan to lower remittances costs in Pacific

New Zealand is in talks with Australia to lower hefty money transfer fees in several Pacific Island countries, as “stubbornly high” costs strain the region’s economies and hamper UN targets. Remittances are a key source of earnings for many Pacific families who have relatives working abroad and the intervention comes… Read More

30th August 2019

Australia’s James Packer pauses Crown selldown over China probe

Australian businessman James Packer has frozen a A$1.2 billion (£660.2 million) partial sale of his casino company to Hong Kong’s Melco Resorts & Entertainment pending an investigation into alleged criminal activity at its Australian operations. The delay is another setback for Australia’s biggest casino operator, Crown Resorts (CWN.AX),… Read More

28th August 2019

Australia plans more action against big banks on money laundering

Australia’s big banks will face potential penalties within the next six months for breaching money laundering laws, Australia’s financial intelligence agency head said on Tuesday. AUSTRAC Chief Executive Nicole Rose said banks have stepped up self-reporting of breaches to the agency by 70% since it launched civil action against Commonwealth… Read More

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