18th June 2020
ClubsNSW has filed its defence against former employee turned whistleblower Troy Stolz, further signalling a potentially lengthy and expensive legal fight. Mr Stolz, who worked as an anti-money laundering compliance auditor for ClubsNSW, revealed the “alarming” scale of money laundering in pokies rooms at local clubs and pubs earlier… Read More
17th June 2020
The odds of Westpac settling the damaging AUSTRAC case for more than a billion dollars have shortened after the financial crime regulator showed it was willing to stick with the same strategy it used successfully just two years ago to extract a big penalty from Commonwealth Bank. As the two… Read More
17th June 2020
Police say they have foiled an international criminal drug syndicate allegedly linked to homes and businesses in Western Sydney after combining with law enforcement agencies in seven countries, including the FBI. Five men have been arrested after a seven-year long investigation into large-scale importation and sale of MDMA and ice… Read More
15th June 2020
Westpac Banking Corp. is being investigated over a further 272 customers linked to potential child abuse, and could face tens of thousands more breaches of anti-money laundering laws. Australia’s oldest bank last month admitted to the vast majority of 23.5 million breaches of money-laundering and terrorism financing laws… Read More
4th June 2020
Westpac Banking Corp.’s board was slow to recognize systemic financial crimes risk, and management lacked the skills and expertise to handle the issues, a probe into Australia’s biggest breach of anti-money laundering laws found. There was an “immature and reactive” risk culture around anti-money laundering and terrorism financing laws… Read More
2nd June 2020
PayPal says it will continue to work with local law enforcement agencies to prevent its platform being used by criminals, including COVID-19 scammers, as transaction volumes surge to record levels with the pandemic accelerating growth in online payments. During April, PayPal in Australia processed the highest number and value of… Read More
26th May 2020
The value of a prudential standard that demands banks review their risk management framework but does not require the bank or the regulator to act on it has been questioned by a Labor senator. Senator Deborah O’ Neill said confusion over the purpose of CPS 220 Risk Management rendered the… Read More
20th May 2020
Westpac has elected to dump EY for a review of its risk management processes three years after its last review found “known and ongoing risks” within the bank’s anti-money laundering systems including “poor data quality”, “manual workarounds” and “historical underinvestment”. The reviews are required under APRA’s CPS 220 and are… Read More
18th May 2020
A bankrupt underworld figure accused of cleaning money for drug kingpin Tony Mokbel is understood to have raised $10 million in funding for an ASX-listed company making a bid to sanitise the hands of the world. Skin Elements announced to the Australian Stock Exchange on April 16 that Carlton-based company… Read More
18th May 2020
Illicit drug markets in the Asia-Pacific continue to expand and diversify and appear to be largely unaffected by the coronavirus outbreak, the United Nations said on Friday. The production of methamphetamine, the most popular drug in the region, continues to hit record highs while prices fall to new lows in… Read More