Media releases

Detectives from the E-Crime Squad have arrested a man today as part of an investigation into unregistered cryptocurrency transactions.

The Fintel Alliance, an AUSTRAC initiative, has today revealed its major operational results for 2018-19 in the fight against serious and organised crime.

The Fintel Alliance, is AUSTRAC’s public-private partnership that combines the expertise and skills of federal and state government intelligence and law enforcement agencies and private sector businesses to protect the Australian financial system and community from criminal abuse.

Australia’s mutual banking sector is urged to take note of Australia’s latest money laundering and terrorism financing risk assessment report specific to the sector.

AUSTRAC has ordered the appointment of an external auditor to examine ongoing concerns in regard to PayPal Australia’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).

These concerns relate to PayPal Australia’s compliance with its International Funds Transfer Instruction reporting obligations, which require regulated entities to report the transfer of funds or property to or from Australia.

AUSTRAC has issued a $252,000 infringement notice to Compass Global Holdings Pty Ltd (Compass) for failing to report international funds transfers between 2018 and 2019.

Entities regulated by AUSTRAC, such as money transfer dealers, banks and casinos, are required to submit International Funds Transfer Instruction (IFTI) reports to AUSTRAC on time.

This is a requirement under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC has launched a campaign targeting illegal money transfer dealers.

Money transfer dealers that have not registered with AUSTRAC and are operating illegally are at a high risk of having their services abused by criminals groups and do not have the same level of risk protections in place as registered money transfer businesses.

Money transfer businesses that are not a financial institution such as a bank or credit union offer a valuable service to their customers and communities by allowing them to send money to family and friends overseas.

This week AUSTRAC and the Australia Federal Police co-hosted the 22nd Annual Asia Pacific Group on Money Laundering (APG) in Canberra. Delegates spent the week discussing ways to bolster regional efforts to combat money laundering (ML) and terrorism financing (TF).

The Fintel Alliance, an AUSTRAC initiative, recently supported law enforcement in tracking down and arresting a criminal syndicate that preys on Australia’s most vulnerable.  

Through working in partnership, Fintel Alliance analysts from government agencies and the Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac provided financial intelligence that allowed police to quickly dismantle the operations of a criminal syndicate in Western Sydney.

An AUSTRAC delegation has spent the week in The Hague, Netherlands to attend the 2019 Egmont Group Plenary.

AUSTRAC has ordered the appointment of an external auditor to Afterpay Pty Ltd (Afterpay) to examine its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).