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Financial Crime: AUSTRAC – No More Mr Nice Guy!

ValentaBPO > Blog > Financial Crime: AUSTRAC – No More Mr Nice Guy!

Austrac has been very busy over the past few months launching campaigns, ordering audits and issuing infringement notices, with an enormous crack down on financial crime.

  • AUSTRAC has issued a $252,000 infringement notice to Compass 
  • AUSTRAC has launched a campaign against illegal money transfer dealers 
  • Suburban money dealers are being targeted by AUSTRAC for funding criminals and human traffickers (ABC news) 
  • AUSTRAC is probing casino ‘junkets’ for potential gaps in the law (The SMH) 
  • AUSTRAC orders audit of Afterpay’s compliance with financial crime legislation

The nation’s anti-money laundering regulator warns it is likely to take more action against Australia’s top financial institutions after being “flooded” with reports of potential breaches following its landmark case against the Commonwealth Bank.

In an interview with The Sydney Morning Herald and The Age, Ms Rose, AUSTRAC CEO, said the financial crimes regulator would have a “very busy” year ahead of it. She said Austrac would use various measures, including legal action and fines, to bring miscreant financial institutions to heel.

Crime groups are adopting more sophisticated techniques to evade different types of financial institutions through criminal activity, making it imperative that processes are in place to protect companies.

Do you have the following in place?

An AML/CTF program that is current and properly assesses that your policies and procedures are adequate to manage your money laundering/terrorism financing risks?

  1. An effective  transaction monitoring system  that is working in identifying suspicious matters?
  2. An effective control framework to make sure you meet your AML/CTF reporting obligations?
  3. A robust Enhanced Customer Due Diligence process?
  4. An appropriate screening tool for sanctions, politically exposed persons or unsavoury persons?
  5. A purpose built risk assessment which properly assesses your AML/CTF risks?

Our solutions include:

  • Consultancy Services
  • Training and awareness programs
  • Transaction Monitoring
  • Know Your Customer (KYC)
  • Alert Screening

Act quickly if you believe your AML/CTF program is ineffective or controls require enhancement to meet your obligations.  We have consultants and IT solutions that can provide the support and guidance you need to ensure you meet industry best practice and the regulatory requirements.