AUSTRAC’s Fintel Alliance has uncovered coordinated mortgage fraud and systemic weaknesses across Australia’s lending sector.
A joint analysis of data from 10 major Australian banks identified potentially hundreds of millions of dollars in suspected fraudulent loans, mostly linked to properties in Sydney.
AUSTRAC has suspended Cryptolink Pty Ltd’s registration amid ongoing concerns about its compliance with anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
Cryptolink is a Virtual Asset Service Provider (VASP) that operates a network of cryptocurrency automatic teller machines (CATMs) across Australia. CATMs allow customers to exchange cash for cryptocurrency.
AUSTRAC CEO Brendan Thomas said Cryptolink’s VASP registration was suspended for three months from Sunday 9 August and it is no longer allowed to operate its 96 CATMs.
AUSTRAC will require online bookmaker, bet365, to strengthen its anti‑money laundering controls after identifying serious gaps in how it manages risk and reports suspicious activity.
bet365 today entered into a legally binding enforceable undertaking requiring the company to overhaul its systems, including establishing a robust, ongoing risk assessment approach, underpinned by clear methodology and processes, and strengthening how it detects and reports suspicious transactions as risks evolve.
AUSTRAC has finalised its enforceable undertaking with Sportsbet Pty Ltd (Sportsbet) after the company addressed serious deficiencies in its anti-money laundering and counter-terrorism financing (AML/CTF) controls.
AUSTRAC CEO Brendan Thomas said the outcome reinforces AUSTRAC’s expectation that reporting entities take immediate and sustained action to meet their legal obligations.
“When AUSTRAC identifies systemic weaknesses in a reporting entity’s AML/CTF controls, we will take enforcement action to ensure those issues are addressed,” he said.
Criminals are exploiting Australia’s real estate market and complex company structures to hide and move illicit money - it’s something financial crimes regulator AUSTRAC says it sees regularly.
From today, tens of thousands more businesses are now covered by Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws, including real estate agents, lawyers, conveyancers, accountants, and dealers in precious metals and stones.
The Australian Government has committed more than $5 million over the next two years to strengthen Australia’s financial crime-fighting partnerships with Pacific nations.
The Minister for Home Affairs, Tony Burke said, “The key to fighting organised crime is to follow the money and that’s exactly what this will do.”
The Federal Court of Australia has imposed civil penalties of $50,000 and $45,000 respectively against Castra Licensee Pty Ltd (Castra) and Princeton Securities (NSW) Pty Ltd (Princeton) after they failed to pay infringement notices issued by AUSTRAC.
In September 2024, AUSTRAC issued infringement notices to both businesses for alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC has ordered Bankstown District Sports Club Ltd to appoint an external auditor amid concerns its anti-money‑laundering (AML) controls may not be strong enough to stop organised crime exploiting poker machines and gambling venues.
AUSTRAC Acting CEO Katie Miller said clubs and pubs sit on the frontline of Australia’s fight against money laundering, particularly where large volumes of cash and poker machines are involved.
Australia’s money laundering, terrorism and proliferation financing risks are becoming more complex and interconnected, driven by technology, globalisation and the growing overlap between legitimate and illicit activity, AUSTRAC says.
AUSTRAC CEO Brendan Thomas said three new national updates released today provide an up‑to‑date snapshot of how serious financial crime threats are evolving across the country.
AUSTRAC has launched two targeted supervisory campaigns into Australia’s virtual assets sector, as landmark Australian anti-money laundering reforms reshape how virtual asset businesses are regulated.
AUSTRAC’s campaigns focus on virtual asset service providers (VASPs), previously known as digital currency exchanges (DCEs), offering over-the-counter crypto to cash (or vice versa) services, and local exchanges operating in Australia.