The anti-money laundering regulator believes the mass debanking of cryptocurrency traders will lead to more criminal activity,not less.
Michaela Juric,aka Bitcoin Babe,who describes herself as a “sensual provocateur for all your traditional financial nonconformity pleasures”,says she’s been given a rough ride by the banks.
Beneath the laidback veneer of Lundu in Malaysia’s Sarawak state is a dark and sinister secret that investigators from Australia played a key role in uncovering.
The Central Coast home of the former MP was searched by police as part of an investigation into alleged fraud against the federal government.
There’s a crippling shortage of staff skilled in anti-money laundering compliance but foreigners with experience in this field are still unable to get permanent work in Australia.
Commonwealth Bank’s chief risk officer says a skills shortage has forced the bank to use labour hire firms to fill roles in its financial crime team.
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.
NAB has extensively used casual workers in its financial crimes department,adding to concerns about its ability to clean up its anti-money laundering compliance.
NAB has launched an internal program to overhaul its approach to monitoring suspicious customers after a series of internal audits were knocked back by AUSTRAC.
The financial crimes watchdog has widened its probe into Crown Resorts and has launched new investigations into Australia’s two other major casino operators.
The bank’s anti-money laundering department is struggling to cope with a blow-out in processing times for suspicious transactions and a year-long backlog for reviewing high-risk customers.