Commonwealth Bank and St George held accounts for Options Rider investor scam, FinCEN files show
24th September 2020
Commonwealth Bank and St George held accounts for Options Rider investor scam, FinCEN files show
A friend recommended Carmelita Roque invest her savings in Options Rider. Options Rider’s use of Australian banks gave the US Army soldier comfort her money was safe. “Seeing the money that I would be wiring would be going to a country like Australia, in my mind that was convincing enough… Read More
FinCEN Files: The accidental money launderer
23rd September 2020
FinCEN Files: The accidental money launderer
It’s difficult, with certainty, to pinpoint exactly when Jack’s career as a money launderer began, but around December 2012 stands out. That month he had moved into an apartment in Sydney’s north-west. It was virtually unfurnished except for a simple chair. And one day he sat on it and it… Read More
Macquarie, CBA face fresh money laundering scrutiny after data leak
22nd September 2020
Macquarie, CBA face fresh money laundering scrutiny after data leak
Macquarie Group and Commonwealth Bank are facing fresh scrutiny of their oversight of anti-money laundering laws after it emerged that overseas banks had reported close to $167 million of potential dirty money transactions flowing through the two Australian banks. The International Consortium of Investigative Journalism (ICIJ) has released a… Read More
Australia: Stockbrokers the new money laundering front line as illicit funds target the ASX
21st September 2020
Australia: Stockbrokers the new money laundering front line as illicit funds target the ASX
A proposed change to money laundering laws could flood the stock exchange with dirty cash, experts have warned. Financial crime authority AUSTRAC has closed public consultation on a key rule about identifying the source of funds used to buy and sell ASX stocks, which could inadvertently make it easier for… Read More
Drug kingpins, fraudsters and a jailed banker on leaked Chinese database
17th September 2020
Drug kingpins, fraudsters and a jailed banker on leaked Chinese database
Hundreds of Australian people smugglers, fraudsters, drug kingpins and a former Macquarie banker jailed for dealing ecstasy are named on a leaked Chinese database, pointing to Beijing’s use of organised crime figures for gathering intelligence and running foreign interference operations. The database compiled by military contractor China Zhenhua, revealed by The… Read More
State Street bank hit with million-dollar money laundering fine in Australia
16th September 2020
State Street bank hit with million-dollar money laundering fine in Australia
The Australian arm of a global bank is the latest financial institution to be fined for breaching anti-money laundering laws. The US-based State Street bank has been hit with a $1.24 million infringement notice for failing to declare international transfer instructions that potentially left it exposed to organised crime, terrorism,… Read More
Westpac’s Peter King cautious on Pacific after AUSTRAC
11th September 2020
Westpac’s Peter King cautious on Pacific after AUSTRAC
Westpac chief Peter King said the consequences of breaching anti-money laundering laws are so large that the bank can’t guarantee it will be able to continue to provide remittance services for workers in Australia looking to send money home to the Pacific. Briefing the House of Representatives economics committee on… Read More
No answers from ‘urgent’ Crown casino probe one year later
10th September 2020
No answers from ‘urgent’ Crown casino probe one year later
Victoria’s gambling regulator is yet to report back to the state government on an “urgent” investigation into Crown Resort’s Melbourne casino more than a year after being ordered to examine its infiltration by organised crime. The Andrews government ordered the Victorian Commission for Gambling and Liquor Regulation probe after The… Read More
Police seize Melbourne property in international corruption case
4th September 2020
Police seize Melbourne property in international corruption case
Federal police have seized properties and cash worth $1.6 million over an alleged scheme to use the Melbourne property market to funnel millions of dollars of funds from a Malaysian government entity to corrupt officials. The seized properties and funds in bank accounts were owned by Australian property developer Dennis… Read More
Crown’s cash records compromised money laundering checks, inquiry told
3rd September 2020
Crown’s cash records compromised money laundering checks, inquiry told
Crown Resorts staff compromised the casino’s anti-money laundering program by recording multiple large cash deposits from patrons as a single transaction, which obscured potential criminal activity, a public inquiry has heard. Crown’s chief legal officer Joshua Preston told the NSW Independent Liquor and Gaming Authority’s probity inquiry on Tuesday that… Read More
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