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October 28, 2022: AUSTRAC issues TBML guide

Preventing trade-based money laundering in Australia This guide provides indicators and behaviours to help financial service providers, particularly those engaged in trade financing, to detect and report suspicious financial activity. International trade is an attractive avenue for criminals as it presents risks and vulnerabilities that they can exploit. Criminals engaged […]

How AUSTRAC is doing its part on Russia sanctions

AUSTRAC responds to Russian sanctions with dedicated team and FIU working group 27 June 2022 Earlier this year, the Australian Government imposed sanctions on a range of individuals, companies, organisations and officials supporting Russia’s invasion of Ukraine. The Australian Sanctions Office (ASO) in the Department of Foreign Affairs and Trade […]

AUSTRAC Enforcement Action (but no fine): National Australia Bank

AUSTRAC accepts enforceable undertaking from National Australia Bank 2 May 2022 AUSTRAC has accepted an enforceable undertaking from National Australia Bank (NAB) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action follows an AUSTRAC enforcement investigation which identified concerns about NAB’s AML/CTF program, systems and […]

AUSTRAC statement on de-banking (aka de-risking)

AUSTRAC statement 2021: de-banking 29 Oct 2021 The issue of de-banking is a complex global problem. Over the past decade, the range of businesses impacted by a loss or limitation of access to banking services has expanded. Money transfer (remitters), digital currency exchanges, not-for-profit organisations (NPO) and financial technology (FinTech) […]

Someone‘s trying to impersonate AUSTRAC

Be aware of scams impersonating AUSTRAC 4 August 2021 We are receiving reports of scammers sending emails to reporting entities and members of the public pretending to be from AUSTRAC and seeking payment of fines, taxes or other financial transfers. We will never demand a payment via email. These scams […]

AUSTRAC article on source of funds/wealth

Customer due diligence: Source of wealth and source of funds considerations 28 June 2021 Know your customer (KYC) procedures, including where appropriate, taking reasonable measures to identify the source of a customer’s wealth and the source of a customer’s funds are an important part of your AML/CTF program. When undertaken […]

AUSTRAC releases cuckoo smurfing guide & Fact Sheet

New financial crime guide explains cuckoo smurfing  28 June 2021 AUSTRAC’s Fintel Alliance has released a financial crime guide to help remittance service providers, banking and financial services businesses detect and report cuckoo smurfing. Organised criminals use ‘cuckoo smurfing’ as a method of laundering money to disguise and integrate their […]