ClubsNSW mounts defence in potentially lengthy legal battle against whistleblower
18th June 2020
ClubsNSW mounts defence in potentially lengthy legal battle against whistleblower
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
Westpac under pressure to settle with AUSTRAC
17th June 2020
Westpac under pressure to settle with AUSTRAC
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
Western Sydney drug operation busted after seven-year international investigation
17th June 2020
Western Sydney drug operation busted after seven-year international investigation
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
Westpac Investigated Over Further Potential Child Abuse Links
15th June 2020
Westpac Investigated Over Further Potential Child Abuse Links
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
‘Sins of Omission’ at Heart of Westpac Laundering Breaches
4th June 2020
‘Sins of Omission’ at Heart of Westpac Laundering Breaches
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
PayPal on crime-fighting crusade as virus drives online payment surge
2nd June 2020
PayPal on crime-fighting crusade as virus drives online payment surge
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
Australia: Bank risk reviews a bad joke
26th May 2020
Australia: Bank risk reviews a bad joke
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
Westpac dumps EY for risk review
20th May 2020
Westpac dumps EY for risk review
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
Accused Mokbel money launderer linked to $10m bid to clean hands
18th May 2020
Accused Mokbel money launderer linked to $10m bid to clean hands
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
Asia-Pacific drug trade thrives amid COVID-19 pandemic
18th May 2020
Asia-Pacific drug trade thrives amid COVID-19 pandemic
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
Popular

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

EU takes legal action against ‘golden passport’ schemes in Cyprus, Malta

Controversial shell-company ‘factories’ seek a role cleaning up UK’s reputation

The AML System: A Failure of Statecraft?

6 money laundering reforms that experts say need to happen right now

Must Read

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

HSBC froze £1.5bn of customers’ cash in ‘dormant accounts’ – report

Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss

EU imposes sanctions on Russian military intelligence chief