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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 […]

An oldie but a goodie – AUSTRAC penalty against Westpac

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 audits Afterpay

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 goes after unregistered MSBs…

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 […]