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.
Business model unsustainable, says BoQ, as it sacks 400 staff
The regional lender will take control of a long-standing franchise network in a $160 million bet on its survival.
July 2024
Prudential watchdog halves $1b Westpac penalty
APRA will slash its $1 billion capital penalty levied on the bank four years after it was first implemented.
Why diamond studded Swiss watches and luxury handbags worry AUSTRAC
The financial crimes watchdog’s chief executive Brendan Thomas says luxury goods along with cash and real estate have received its highest risk rating.
No backward step cutting off money flow to criminals: Dreyfus
The strong words from the attorney-general will come hours after the international body tasked with co-ordinating global AML/CTF efforts slams Australia’s performance.
May 2024
Westpac sues insurers over $1.3b AUSTRAC penalty
AFR Weekend understands that the bank believes it is eligible to claim $400 million from its insurers over the AUSTRAC fine.
Brisbane developer emerges at centre of Star’s Hard Rock mystery
The Florida-based entertainment giant said it had not authorised its name for use, despite Star telling investors it had received a proposal.
SkyCity agrees to $67m penalty as licence decision looms
The case was based on allegations the company allowed high-risk patrons to gamble more than $4 billion in dirty cash through its casino.
April 2024
Crown Resorts finally gets the green light to run Sydney casino
The Blackstone-owned gaming giant had been subject to a string of restrictions after a NSW inquiry called into doubt its ability to properly run a casino.