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”
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.
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.
Britain’s NatWest would move its headquarters out of Scotland in the event of a vote in favour of independence, its CEO Alison Rose said, only days before parliamentary elections there.
Westpac has agreed to pay a record penalty of $1.3bn to settle legal action over money laundering and child exploitation allegations levelled against it by the financial intelligence agency, Austrac.
John Williams Rose (R-TN) is a committee member of the 116th Congress U.S. House Committee on Financial Services. He is an American politician and businessman serving as the U.S. Representative for Tennessee’s 6th congressional district since 2019. He is a member of the Republican party. Rose was commissioner of agriculture for Tennessee. Rose co-founded Transcender Corp. , which was sold in 2000 for $60 million. Rose owns and is the president of Boson Software, LLC, which trains IT professionals. He graduated from Tennessee Technological University (BS), Purdue University (MS), and Vanderbilt University (JD).