AUSTRAC Updates
AUSTRAC applies for civil penalty orders against Westpac 20 Nov 2019 AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, has today applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac). The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and […]
AUSTRAC orders audit of Afterpay’s compliance with financial crime legislation 13 Jun 2019 AUSTRAC has ordered the appointment of an external auditor to Afterpay Pty Ltd (Afterpay) to examine its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act). This action has followed a period of ongoing engagement […]
AUSTRAC launches campaign against illegal money transfer dealers 27 Aug 2019 AUSTRAC has launched a campaign targeting illegal money transfer dealers. Money transfer dealers that have not registered with AUSTRAC and are operating illegally are at a high risk of having their services abused by criminals groups and do not […]
AUSTRAC issues $252,000 infringement notice to Compass 10 Sep 2019 AUSTRAC has issued a $252,000 infringement notice to Compass Global Holdings Pty Ltd (Compass) for failing to report international funds transfers between 2018 and 2019. Entities regulated by AUSTRAC, such as money transfer dealers, banks and casinos, are required to […]
AUSTRAC orders audit of PayPal Australia’s compliance with financial crime laws 24 Sep 2019 AUSTRAC has ordered the appointment of an external auditor to examine ongoing concerns in regard to PayPal Australia’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act). These concerns relate to PayPal Australia’s compliance […]
Cybercrime Squad and AUSTRAC remind digital currency exchanges of reporting obligations 8 March 2019 This is a joint media release between the NSW Police Force and AUSTRAC. The NSW Police Force and the Australian Transaction Reports and Analysis Centre (AUSTRAC) are reminding digital currency exchange providers to be aware of […]
AUSTRAC and CBA agree $700m penalty 4 June 2018 An agreement has been reached today between AUSTRAC and the Commonwealth Bank of Australia (CBA) for a $700 million penalty to resolve Federal Court proceedings relating to serious breaches of anti-money laundering and counter-terrorism financing (AML/CTF) laws. The parties will jointly […]
Are you a digital currency exchange provider? 21 December 2017 On Thursday 7 December 2017 Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (Amendment Act). Royal Assent was granted on 13 December 2017. Any changes will come into effect from the date of Proclamation, which is expected to be […]
AUSTRAC expands civil penalty case against CBA 14 December 2017 A further 100 alleged contraventions against the Commonwealth Bank of Australia (CBA) have been filed today by AUSTRAC, the Government’s financial intelligence and regulatory body, adding to the current civil penalty proceedings. AUSTRAC CEO, Nicole Rose PSM, said that the […]
Draft amendments to the AML/CTF Rules available for consultation 12 January 2017 These draft amendments to Chapter 59 implement a recommendation of the Post-Implementation Review of Chapters 58 and 59, allow the AUSTRAC CEO to suspend a remitter’s registration without prior notice, delegate the AUSTRAC CEO’s responsibility for considering matters […]
