This Month
Regulator zeros in on Bally’s Star rescue deal
The American giant’s plans to take control of the gaming group will need approval from the NSW casino commission, which has flagged concerns about finances.
Star’s Steve McCann, newly married, still sweating on big payday
While Steve McCann can certainly afford a blowout, weddings are expensive. And the Star chief’s payday is far from assured.
June
No ID? New anti-money laundering rules won’t stop agents making deals
Ahead of the reforms next year, the regulator has to walk a fine line between enforcing the rules and not hindering the real estate industry.
Anti-money laundering crackdown presents risks for real estate
The time it will take to retool a highly fragmented service industry to crack down on financial crime - and compliance costs - is an issue.
Star Entertainment says $100m is all it has for AUSTRAC penalty
The financial crime watchdog says the court should disregard casino operator’s threat that it would collapse under the weight of a $400 million fine.
Star pleads for mercy in AUSTRAC money laundering case
The casino group is arguing it has limited capacity to pay a penalty for alleged money laundering offences lobbed against it by the financial crime watchdog.
May
Reserve Bank, Future Fund register big gender pay gaps
Money laundering regulator AUSTRAC is a notable exception when it comes to the big financial agencies, reporting no median gender pay gap.
April
CBA customer wanted to buy $30k in bitcoin. The bank wouldn’t let him
Listen to recordings of Andrew Broadbent’s calls with CBA, which refused to let him make a transfer to buy $30,000 in bitcoin.
February
Money laundering watchdog puts 50 Australian crypto exchanges on notice
The Australian Securities and Transactions Analysis Centre is concerned some Australian cryptocurrency exchanges are failing to report suspicious transactions.
January
Star has six weeks to find financing as NSW, Queensland rule out help
The company, which operates casinos in Sydney, Brisbane and the Gold Coast, has been burning through cash faster than the market expected as gamblers stay away.
Government floats loosening ATO secrecy on money-laundering, takeovers
The proposals are the latest in the government’s ongoing response to the PwC tax leaks scandal.
December 2024
Crown Resorts wants to add pokies to the mix at its Sydney casino
The Blackstone-owned hospitality and gambling giant has been prohibited from installing gaming machines under terms struck when it secured its NSW licence.
AUSTRAC sues Ladbrokes and Neds owner
Entain allegedly did not conduct appropriate checks on 17 high-risk customers and deliberately obscured the identity of some through use of pseudonyms.
Tough new dirty money rules to disrupt $60b in criminal activity
The head of Australia’s financial crime watchdog says gaps in anti-money laundering and terror financing rules have been exploited by criminals for too long.
November 2024
Why buying and selling a home is about to cost $1200 more
Amid Australia’s growing housing crisis, a new crackdown on money laundering is expected to add significant extra costs to property transactions.
Barristers brand anti-money-laundering laws ‘unconstitutional’
Bar associations have leant on advice from a former High Court judge in their latest effort to carve out an exemption to AML/CTF reforms.
Barristers seek exemption from tougher money-laundering laws
Bar associations are concerned draft AML/CTF legislation will force them to conduct due diligence on clients already conducted by instructing solicitors.
October 2024
BoQ accused of short-changing franchisees in buyout
BoQ undervalued franchisee shopfronts in a corporate takeover push and artificially deflated commission payments, a letter to the board alleges.
Labor, Coalition clash over laws for lawyers, accountants, realtors
Shadow attorney-general Michaelia Cash roundly criticised plans to expand anti-money laundering laws to the three professions.
August 2024
Business CEOs push back on political grandstanding
Big business makes mistakes as well as money, but chief executives like CBA’s Matt Comyn and Wesfarmers’ Rob Scott are pushing back against “fact-free” accusations.