Financial Intelligence Units (FIUs) across the Pacific met in the Cook Islands this week to strengthen partnerships within the region to combat serious financial crime.
The second in-person plenary of the Pacific Financial Intelligence Community (PFIC) was held in Rarotonga and co-hosted by AUSTRAC and the Cook Islands Financial Intelligence Unit (CIFIU).
Crown Melbourne and Crown Perth (Crown) have been ordered by the Federal Court of Australia, to pay a $450 million penalty over two years after AUSTRAC launched civil penalty proceedings against them for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Court also ordered Crown to pay AUSTRAC’s costs.
The order comes after Crown and AUSTRAC filed joint submissions with the Federal Court of Australia in May 2023 for the payment of $450 million in instalments over 2 years.
On 16 February 2022, AUSTRAC ordered the appointment of an external auditor to three entities; Bell Potter Securities Limited, Bell Potter Capital Limited and Third Party Platform Pty Ltd, within the Bell Financial Group (Bell), to examine Bell’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
AUSTRAC has accepted an Enforceable Undertaking from the Bank of Queensland Limited (BoQ) to improve its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action follows a compliance inspection by AUSTRAC which identified concerns relating to the adequacy of BoQ’s AML/CTF systems and controls.
Crown Melbourne and Crown Perth (together Crown) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). A court hearing has been set down for 10-11 July 2023, at which Justice Lee will consider the parties’ proposed settlement.
While AUSTRAC and Crown agree that a $450 million penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty.
AUSTRAC has accepted an Enforceable Undertaking (EU) from PayPal Australia Pty Ltd (PayPal) to ensure its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The EU comes after AUSTRAC identified concerns with PayPal’s systems, controls and governance in relation to its international funds transfer instructions (IFTI) reporting.
AUSTRAC has accepted an Enforceable Undertaking (EU) from Cash Converters to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The EU comes after an investigation identified concerns with Cash Converters’ AML/CTF program, including that it was not properly implemented and did not include sufficient detail on important components such as transaction monitoring and customer due diligence.
AUSTRAC has deepened ties with the United Kingdom (UK) this week, signing Memoranda of Understanding on back to back days with two British regulators, in a clear signal of Australia’s ongoing commitment to fight money laundering, terrorism financing and other serious crime.
The Memorandum of Understanding (MOU) with the United Kingdom’s Financial Conduct Authority (FCA) was signed on 16 February 2023 in London, by AUSTRAC CEO Nicole Rose and FCA CEO Nikhil Rathi.
AUSTRAC has released a financial crime guide today to help businesses identify and report financial transactions that may be linked to the purchase of child sexual exploitation material.
Offenders and facilitators use technology, including social media, live streaming, and gaming platforms to facilitate child abuse, with financial gain a primary motivator. Travel is no longer necessary to access victims or child sexual exploitation material. Online financial payments enable offenders around the world to purchase this material, which enables the abuse to occur.
Today AUSTRAC released Australia’s first national proliferation financing risk assessment aimed at strengthening domestic and international efforts to combat this serious criminal activity.
Proliferation financing is when a person makes available an asset, provides a financial service or conducts a financial transaction that is intended to facilitate the proliferation of weapons of mass destruction, regardless of whether the activity occurs or is attempted.