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AUSTRAC crackdown

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Private credit structures can be very opaque. But high returns have been attracting investors all year.

From ‘money muling’ to ‘micro-laundering’, new scams grab watchdog’s attention

Australia’s financial crimes watchdog, which once fined banks billions for sleeping at the wheel, is now working with them to catch criminals used to slipping through the net.

  • Colin Kruger

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Austrac has commenced civil proceedings against Neds owner, Entain.

Neds, Ladbrokes owner faces fight with money-laundering watchdog

Financial crime regulator AUSTRAC has commenced proceedings against Entain, the global sports betting group behind local brands Ladbrokes and Neds.

  • Colin Kruger
Rachel Waldren, partner at KordaMentha.

How this executive is readying for a boom in financial crime reporting requirements

The federal government is considering new rules that would require real estate agents, accountants and lawyers to report suspicious transactions. But are these industries ready?

  • Sarah Danckert
ING has been hit with an enforceable undertaking by Austrac.

ING slapped with anti-money laundering undertaking after investigation

ING has vowed to fix its anti-money laundering and counter-terrorism financing systems after an investigation by Australia’s financial crimes regulator Austrac.

  • Clancy Yeates
CBA is defending a class action that alleges is breached disclosure rules.

CBA says class action ‘infected by hindsight bias’

The Commonwealth Bank says a shareholder class action targeting the bank’s disclosure of anti-money laundering breaches is based on hindsight.

  • Clancy Yeates
The Perth Mint holds billions of dollars worth of precious metals on behalf of clients.

Austrac targets Perth Mint over money laundering concerns

Australia’s anti-money laundering agency has targeted the WA government-owned Perth Mint, which sold more than $26 billion worth of precious metals last year, over compliance concerns.

  • Colin Kruger
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NAB said it has capped oil and gas loans at $US2.4 billion ($3.2 billion).

NAB enters undertaking to lift anti-money laundering controls

NAB has accepted a court-enforceable undertaking to improve operations across the bank to ensure compliance with anti-money laundering and counter-terrorism laws.

  • Charlotte Grieve
Former Hills Hoist maker Hills Ltd reincarnated as a tech/health group.

Bell Potter faces AUSTRAC probe over anti-money laundering compliance

The financial crimes watchdog has ordered external auditors to look into concerns the stockbroker may not be complying with anti-money laundering laws.

  • Charlotte Grieve
A new guide outlines transactions that may indicate a person or people are being kept in sexual servitude.

Perfume, hotels, taxis - banks told how to spot signs of sex slavery

A range of regular transactions have been identified by the national financial tracking agency as potential indicators of a woman in sexual servitude.

  • Wendy Tuohy
The Star’s potential merger with Crown Resorts now faces the distraction of an Austrac investigation and public inquiry.

AUSTRAC expands probe into Crown suitor Star casino

Crown Resorts rival, and would-be suitor, The Star Entertainment Group, said anti-money laundering agency AUSTRAC has expanded its investigation into the casino operator’s alleged money laundering failures. 

  • Colin Kruger

Original URL: https://www.watoday.com.au/topic/austrac-crackdown-1nat