15th December 2020
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
14th December 2020
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
9th December 2020
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
4th December 2020
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
3rd December 2020
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
3rd December 2020
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
3rd December 2020
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
2nd December 2020
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
1st December 2020
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
1st December 2020
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