AUSTRAC issues know-your-customer, cuckoo smurfing warning
James Frost, 28 June 2021
The financial intelligence regulator has warned reporting entities to stay on top of their obligations, following recent changes to the AML-CTF Act that added clarity on know-your-customer requirements and banned certain types of correspondent banking.
AUSTRAC CEO Nicole Rose spoke of the growing awareness of the damage money laundering was doing to the community in a newsletter that reminded entities they needed to verify a customer before letting them make transactions and contained a guide on how to spot a form of money laundering known as “cuckoo smurfing”, which facilitates the transfer of funds overseas without alerting the authorities. Continue reading “Article: AUSTRAC issues know-your-customer, cuckoo smurfing warning”
The financial intelligence watchdog and big four banks will be probed under a new parliamentary inquiry designed to measure the efficiency and adequacy of the Australia’s anti-money laundering regime.
Consulting giant Accenture is reportedly working with the NAB on a “mammoth” project to fix the long-standing compliance issues which have recently led to increased regulatory scrutiny.
The Australian Transaction Reports and Analysis Centre (Austrac), a state-run financial intelligence organization, has leveled allegations against many of the major land-based casinos in the country.
SYDNEY (Reuters) – Australia’s anti-money-laundering agency on Monday widened a probe into due diligence at casinos to include the three biggest operators, ratcheting up pressure on a sector already struggling with the pandemic and heightened regulatory scrutiny.
The National Australia Bank is being investigated by national financial crime regulators for breaking money laundering laws as part of a broader crackdown on organized crime.
Two South Australian MPs have called for a royal commission into the operations of the Adelaide casino similar to those underway into Crown in Victoria and Western Australia.
You might not have heard of it before, or even know what it is, but “cuckoo Smurfing” is a sneaky way organised criminals engage in money laundering, by exploiting the legitimate bank accounts of individuals and businesses in Australia.
SYDNEY (Reuters) – National Australia Bank said on Monday it is under investigation for suspected serious and ongoing breaches of anti-money laundering and counter-terrorism laws, sparking concerns about potential fines and higher compliance costs.
At first glance there doesn’t appear to be an obvious nexus between alleged fresh money laundering claims against Crown Resorts revealed during Monday’s Victorian royal commission and the company’s decision not to redeem $630 million of subordinated notes.
The Western Australia gambling watchdog’s board “regularly discussed” the threat of money laundering in Crown’s Perth casino but did not feel it had “the resources or authority” to investigate it itself, a royal commission heard on Wednesday.
Crown Resorts management “lied” and used delay tactics to stymie an investigation into the 2016 arrests of 19 China-based staff, the Victorian gambling regulator told the Crown Resorts royal commission on Monday.
The corporate regulator has taken legal action accusing Westpac of insider trading over a $12bn interest rate swap linked to the part-privatisation in 2016 of New South Wales’s electricity distribution network, Ausgrid.