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”
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”