Summary
AUSTRAC identified a married couple who were moving large and unexplained amounts of cash domestically and overseas, and referred them for criminal investigation. The investigation revealed A$4.1 million in funds from unknown sources and led to the couple forfeiting bank accounts and property valued at approximately A$2.4 million to the Australian Government.
What to look out for
- Customers making multiple cash deposits into a loan account or a third-party company account on the same day at different branches.
- Multiple international funds transfer instructions for amounts greater than A$10,000 sent to the same beneficiaries from different branches of the same bank on the same day.
- Purchase of high-value bank cheques, for example for amounts greater than A$20,000, funded entirely or mostly by cash.
The crime
AUSTRAC identified a married couple moving large amounts of unexplained cash. Their company, which provided plastering and tiling services to residential construction companies, had accumulated over A$4 million from unknown sources. The funds were not declared business or personal income, gifts, bank loans, or property transaction proceeds.
The couple deposited over A$1.5 million in cash to their home loan accounts and third-party company accounts over four years, sometimes using different branches on the same day. They made 93 IFTIs totalling A$1.5 million to Chinese beneficiaries over eight years. They also purchased two high-value bank cheques.
Law enforcement took custody and control of assets after being granted a restraining order over all property owned by the offenders.
Penalties
The couple forfeited assets including bank accounts and property worth A$2.4 million.
How business reporting helped
Reports from our industry partners, including threshold cash transaction reports (TTRs) and IFTIs, informed our financial analysis for the investigation.
AUSTRAC’s role
AUSTRAC first identified the couple as associates of a suspected money launderer. Our intelligence then confirmed suspicious financial activity which prompted and informed the criminal investigation.
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