Australia: AML Bill Passes Senate, DNFBP Amendment Rejected
15th December 2020
Australia: AML Bill Passes Senate, DNFBP Amendment Rejected
Australia’s Senate has voted down a legislative amendment that would have required the government subjected real estate agents, accountants, lawyers and high-value goods dealers to AML legislation within six months. The 14-year old planned policy change to include DNFBPs (designated non-financial businesses and professions) under Australia’s AML laws is a… Read More
‘Cowboy outfit’: Crown hit with new class action over money laundering
14th December 2020
‘Cowboy outfit’: Crown hit with new class action over money laundering
Crown Resorts faces a new shareholder class action alleging investors were misled and harmed by the casino giant’s dysfunctional governance which led to possible breaches of anti-money laundering laws. Shares in the James Packer-backed group fell 8 per cent on October 19, wiping $500 million off Crown’s market value,… Read More
Commonwealth Bank officer charged for stealing $3.75m to spend on cocaine, wine, property
9th December 2020
Commonwealth Bank officer charged for stealing $3.75m to spend on cocaine, wine, property
A Commonwealth Bank loan officer who allegedly blew $3.75 million in stolen money on cocaine and a lavish lifestyle has been charged more than a decade after the bank failed to report his suspected crime spree. Victoria Police’s Fraud and Extortion Squad has confirmed that George Vrettakos is facing three… Read More
Dark web crime: how Australia’s powerful new warrants would work
4th December 2020
Dark web crime: how Australia’s powerful new warrants would work
For months, the home affairs minister, Peter Dutton, has been calling for new powers to police the dark web. In August, the government’s cybersecurity strategy promised legislative powers and technical capabilities to “deter, disrupt and defeat the criminal exploitation of anonymising technology”. The bill was aimed at paedophiles… Read More
Cash Converters in AUSTRAC’s gunsights, as regulator sizes up next enforcement targets
3rd December 2020
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. The country’s largest payday lender, listed pawnbroker Cash Converters, is the latest reporting entity to be referred to AUSTRAC’s enforcement… Read More
Australia’s plan for $10,000 cash ban ‘dead, dead and dead’
3rd December 2020
Australia’s plan for $10,000 cash ban ‘dead, dead and dead’
A plan to ban cash payments of $10,000 or more that threatened to split the Liberal Party has been dumped, with the move now “dead, dead and dead”. In a motion moved by One Nation, the Senate on Thursday officially dumped debate on the proposal that emerged from the government’s… Read More
Bank account shutdown hurting communities sending $10 billion a year to family overseas
3rd December 2020
Bank account shutdown hurting communities sending $10 billion a year to family overseas
The multicultural miracle of Australia is also a $10 billion money machine, as residents support relatives abroad with payments called ‘remittances’. That’s the amount sent overseas annually, helping to float families around the world. “It’s very important,” said businesswoman Duki Wani. Sitting in her hair salon and boutique in… Read More
Australia’s Westpac hit with a second bank regulator penalty
2nd December 2020
Australia’s Westpac hit with a second bank regulator penalty
The Australian bank regulator said on Tuesday it was forcing Westpac Banking Corp to raise its cash reserves after it fell short of prudential standards, its second enforcement action in a year against the country’s No. 3 lender. The Australian Prudential Regulation Authority (APRA) said a review of the bank’s… Read More
Australia: Criminals target poker machines in NSW amid pandemic
1st December 2020
Australia: Criminals target poker machines in NSW amid pandemic
Money laundering during five months of COVID-19 restrictions drove a $305 million increase in poker machine profits – a spike that experts say shows the need for a gambling card. Latest figures from Liquor and Gaming NSW show profits increased more than 10 per cent compared to the same period… Read More
Indonesian Fisheries Minister Edhy Prabowo arrested over alleged lobster corruption
1st December 2020
Indonesian Fisheries Minister Edhy Prabowo arrested over alleged lobster corruption
Indonesia’s Fisheries Minister Edhy Prabowo faces up to life in jail after being arrested by the country’s Anti-Corruption Commission over lobster larvae export permits. The Anti-Corruption Commission, known by its Indonesian acronym KPK, arrested Mr Prabowo and his wife Iis Rosita Dewi as they arrived at Jakarta airport from the… Read More
Popular

Two former Julius Baer CEOs reprimanded following money laundering inquiry

Aussie banks laundered $500m for cocaine cartels

Hong Kong bank staff arrested in US$810m laundering probe

The Mexican drug cartel investigation that wasn’t an investigation at all

Capital One Fined for Anti-Money-Laundering Deficiencies

Must Read

Two former Julius Baer CEOs reprimanded following money laundering inquiry

Former Vatican Banker Convicted of Money Laundering and Embezzlement

Latvian bank allegedly linked to Putin’s pink palace scheme

Italian mafia sweep nets centrist leader, white-collar workers

China Imports Oil Doctored to Skirt U.S. Sanctions on Venezuela