Article: AUSTRAC issues know-your-customer, cuckoo smurfing warning

Article - Media

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”

Article: Australian financial crime watchdog widens probe on casinos already reeling from COVID

Article - Media

Australian financial crime watchdog widens probe on casinos already reeling from COVID

Reuters, 07 June 2021

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.

Months into an investigation of top player Crown Resorts, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said it was formally looking into possible breaches of background check rules at rival Star Entertainment Group and New Zealand’s SkyCity Entertainment Group.

That means owners of casinos in Australia’s five most populous cities now face enforcement investigations that could carry fines or restrict their licences. Continue reading “Article: Australian financial crime watchdog widens probe on casinos already reeling from COVID”

Article: Australia’s NAB faces money laundering probe

Article - Media

Australia’s NAB faces money laundering probe

ishwarkimmins, 07 June 2021

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.

Australia’s third-largest market capitalization company said Monday that Australia has begun a formal investigation into its compliance with anti-money laundering and anti-terrorism laws. The casino groups Crown Resorts, Star Entertainment Group and Sky City Entertainment Group are also under investigation, he said. The investigation is part of an extensive campaign by authorities aimed at organized crime revenue, focusing on financial institutions, casinos and crypto exchanges. Continue reading “Article: Australia’s NAB faces money laundering probe”

Article: Financial crime regulator warns about the world of ‘cuckoo Smurfing’

Article - Media

Financial crime regulator warns about the world of ‘cuckoo Smurfing’

Karen Tan, 07 June 2021

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.

It is used to move illegal funds into Australia and disguise profits from criminal activities. The key targets appear to be Australian expatriates and exporters, international students studying in Australia, international investors and migrants wishing to settle in Australia.

When Australia’s financial crime regulator, AUSTRAC, released its new financial crime guide last week (3 June 2021), it warned businesses and consumers about the “cuckoo Smurfing” method, and described it as a “sinister practice with an endearing name.” Continue reading “Article: Financial crime regulator warns about the world of ‘cuckoo Smurfing’”

Article: NatWest to move HQ from Scotland in event of independence

Article - Media, Publications

NatWest to move HQ from Scotland in event of independence

Iain Withers, 29 April 2021

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.

State-backed NatWest (NWG.L), which until last year was called Royal Bank of Scotland, has been based for 294 years in the Scottish capital Edinburgh. “In the event that there was independence for Scotland our balance sheet would be too big for an independent Scottish economy. And so we would move our registered headquarters, in the event of independence, to London,” Rose told reporters. Continue reading “Article: NatWest to move HQ from Scotland in event of independence”

Article: Vinco Ventures, Inc. Updates on Subsidiary Honey Badger Media, LLC and their Acclaimed Celebrity Influencers.

Article - Media, Publications

Vinco Ventures, Inc. Updates on Subsidiary Honey Badger Media, LLC and their Acclaimed Celebrity Influencers.

GLOBE NEWSWIRE, 10 December 2020

Vinco Ventures, Inc. (NASDAQ: BBIG), today updates on the first 30 days of their subsidiary Honey Badger Media, LLC and the advancement of its esteemed influencer list.

Honey Badger Media is a digital commerce company and one of Vinco’s key tools in the Be B.I.G. business model. The Company designs digital campaigns from scratch to monetization and leverages a 300 million plus follower network to grow advertiser-based revenue as well as Vinco’s brands and holdings. Additionally, within the first month, Honey Badger was able to sign an impressive catalog of celebrity influencers, including skateboarder and TV personality Bam Margera, Reality Television and Motivational Speaker Adalia Rose, and respected mom blogger Joy of Mom.

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Article: BBIG -Vinco Ventures, Inc. Updates On Subsidiary Honey Badger Media, LLC And Their Acclaimed Celebrity Influencers.

Article - Media, Publications

BBIG -Vinco Ventures, Inc. Updates On Subsidiary Honey Badger Media, LLC And Their Acclaimed Celebrity Influencers.

NASDQplayer97, 10 December 2010

Vinco Ventures, Inc. (NASDAQ:BBIG), today updates on the first 30 days of their subsidiary Honey Badger Media, LLC and the advancement of its esteemed influencer list.

Honey Badger Media is a digital commerce company and one of Vinco’s key tools in the Be B.I.G. business model. The Company designs digital campaigns from scratch to monetization and leverages a 300 million plus follower network to grow advertiser-based revenue as well as Vinco’s brands and holdings. Additionally, within the first month, Honey Badger was able to sign an impressive catalog of celebrity influencers, including skateboarder and TV personality Bam Margera, Reality Television and Motivational Speaker Adalia Rose, and respected mom blogger Joy of Mom.

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Article: Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation

Article - Media, Publications

Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation

Ben Butler, 23 September 2020

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.

The $1.3bn figure is $400m more than the $900m the bank had previously set aside as an estimate of the penalty it would have to pay and comes after the bank said an additional 250 customers made transactions consistent with child exploitation – a dramatic increase on the 12 over which the regulator originally took action.

In a further concession to Austrac, Westpac has also agreed to additional contraventions of anti-money laundering and counter-terror finance laws, the company told the stock exchange on Thursday. Continue reading “Article: Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation”

Subject: John Rose

Subject of Interest

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).

Biography

U.S. House Banking Committee on Financial Services