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 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.