The federal government is considering new rules that would require real estate agents,accountants and lawyers to report suspicious transactions. But are these industries ready?
ING has vowed to fix its anti-money laundering and counter-terrorism financing systems after an investigation by Australia’s financial crimes regulator Austrac.
The Commonwealth Bank says a shareholder class action targeting the bank’s disclosure of anti-money laundering breaches is based on hindsight.
Australia’s anti-money laundering agency has targeted the WA government-owned Perth Mint,which sold more than $26 billion worth of precious metals last year,over compliance concerns.
NAB has accepted a court-enforceable undertaking to improve operations across the bank to ensure compliance with anti-money laundering and counter-terrorism laws.
The financial crimes watchdog has ordered external auditors to look into concerns the stockbroker may not be complying with anti-money laundering laws.
A range of regular transactions have been identified by the national financial tracking agency as potential indicators of a woman in sexual servitude.
Crown Resorts rival,and would-be suitor,The Star Entertainment Group,said anti-money laundering agency AUSTRAC has expanded its investigation into the casino operator’s alleged money laundering failures.
Homebuyers could be competing at property auctions against organised criminal gangs using Australia to launder billions,according to law enforcement agencies.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has recently stung big banks with huge fines. But it is facing criticism that it is too reactive.
A well crafted flexing of regulatory muscle has sealed AUSTRAC’s position as the most potent,feared and now media-savvy watchdog in the country.