November
AUSTRAC’s pub test case may rewrite real estate money laundering laws
No court has tested how the “reasonable precautions” defence operates in practice. Such a move could reset the landscape.
Star searches for lenders as personal questions drive away punters
Chief executive Steve McCann said the casino was losing high-spending customers who are not criminals because of probity checks that they feel are intrusive.
AUSTRAC mulls action against Bendigo Bank amid money laundering risks
The board of the regional lender said it was “very disappointed” with the outcomes of review which was put in place following concerns about a single branch.
Binance boss urges crypto investors to keep the faith after price rout
It’s been a turbulent couple of years for the crypto exchange, including jail time for its founder, but the chief executive says compliance is improving.
Ladbrokes owner Entain slashes 10pc of staff, ends nine-day fortnight
The British bookmaker said about 120 positions in Australia and New Zealand would go as it tries to reset the business after a change of management.
October
‘I consider myself intelligent, but I fell for this, absolutely’
Lucy King and James Eyers on Australia’s crypto ATM boom, how they are being used for investment scams and why Australia is being targeted.
Crypto ATM operator fined as ban looms for ‘highest-risk’ channel
The operator that made $50,000 in fees from an 85-year-old scam victim was fined by AUSTRAC, but gaps in consumer protection remain.
Consumers, banks urge outright ban on crypto ATMs
Home Affairs Minister Tony Burke will give AUSTRAC powers to restrict the machines, but consumer groups say this won’t stop the danger to older Australians.
‘Devastated’: How I lost $500k in a crypto ATM scam
Mary, 85, is one of thousands of victims of Australia’s boom in crypto ATM’s, which suck in $275 million a year, and are the “getaway cars” for scammers.
Labor to crack down on crypto ATMs amid scam surge
New powers will be handed to regulators to restrict the use of crypto ATMs, which have become a hub for scams and illegal money laundering.
AUSTRAC’s own staff need reminding not to throw stones
The money laundering regulator’s public advice on using consultants contained some pretty good internal advice.
September
AUSTRAC’s blunt warning to big banks on slashing jobs: We’re watching
As the banks plan to cull 3 per cent of their collective workforce, the financial crimes watchdog has made it clear that risk management should not be compromised.
Bell Group admits error in financial reporting
Holding company Bell Group was forced to re-release its financial report for 2024 after ASIC noticed it had excluded an important subsidiary.
Corporate Travel’s Ewen Crouch deep in squeaky bum time
The chairman of the suspended travel company needs to make sure another audit disaster doesn’t happen on his watch.
AUSTRAC narrows claim against Entain for money laundering breaches
AUSTRAC’s investigation found Entain allowed 17 high-risk customers to spend over $152 million without doing proper background checks.
August
Money laundering watchdog calls in auditors at Binance
AUSTRAC has told Binance Australia to appoint an external auditor, amid concerns about its ability to govern its money laundering and terrorism financing risks.
Estate agents and lawyers: AUSTRAC boss reveals new targets
AUSTRAC boss Brendan Thomas believes banks, law firms and real estate agents, are key to tackling scams, drug trafficking and organised crime.
Ladbrokes owner reveals $100m provision for AUSTRAC fine
Entain is in the middle of negotiating a penalty with the financial crimes watchdog.
Perth Mint’s deal to ship barrels of ‘acid gold’ to India
Gold chloroauric acid is an industrial product that can be reconstituted into bullion. The Perth Mint has supplied $328 million of it to a Mumbai-based company.
July
Star says revenues are in freefall, warns Queen’s Wharf sale slipping
Strict new gambling rules and fewer tourists at the casino operator’s flagship Sydney establishment have pushed the company into a loss for the past three months.