AUSTRAC works closely with our partner agencies to help fight money laundering and other crimes. One of the many taskforces we’re involved in is the Serious Financial Crime Taskforce (SFCT), led by the Australian Taxation Office.

In late 2018, a joint investigation as part of the SFCT identified a major international criminal syndicate using fraudulently-obtained identities to commit large-scale cybercrimes. The syndicate used stolen identity information purchased from darknet marketplaces, single-use telephone SIM cards and fake email accounts to mimic the identities of victims. The false identities were used to open at least 60 bank accounts at various Australian institutions. A phishing website that mimicked a superannuation fund was used to harvest members’ usernames and passwords. The syndicate used this information to access members’ accounts and withdraw funds from the superannuation and share trading accounts of victims, before depositing the stolen funds into the fraudulent bank accounts. 

The value of stolen funds is estimated to be in excess of $3.3 million. The group laundered $2.5 million through transferring the funds to a contact in Asia. The offshore individual purchased and on-sold luxury goods, prior to remitting the proceeds back to the syndicate in Australia through digital currencies. 

In 2022, a Melbourne woman was sentenced to five years and six months imprisonment for her central role in the syndicate.

For more information about this case, read the Australian Federal Police media release. 

How can I help combat crimes like this

You have an important role to play in helping protect our community from serious and organised crime. To play your part, you should:

• read our NRAs on money laundering and terrorism financing and watch our new industry specific NRA webinars to understand the risks your business might face 
• review our latest industry specific suspicious activity indicators to identify circumstances that could be suspicious in nature or that could indicate criminal activity
• submit a suspicious matter report to AUSTRAC if you suspect that a person or transaction is linked to a crime.