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AUSTRAC

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Money laundering cop AUSTRAC to face grilling under new financial crime inquiry
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ALP

Money laundering cop AUSTRAC to face grilling under new financial crime inquiry

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has recently stung big banks with huge fines. But it is facing criticism that it is too reactive.

  • by Charlotte Grieve

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NAB’s use of casual contract workers in financial crimes team adds to compliance concerns

NAB’s use of casual contract workers in financial crimes team adds to compliance concerns

NAB has extensively used casual workers in its financial crimes department, adding to concerns about its ability to clean up its anti-money laundering compliance.

  • by Charlotte Grieve
NAB’s secretive ‘Project Apollo’ to fix financial crime loopholes

NAB’s secretive ‘Project Apollo’ to fix financial crime loopholes

NAB has launched an internal program to overhaul its approach to monitoring suspicious customers after a series of internal audits were knocked back by AUSTRAC.

  • by Charlotte Grieve
Watchdog blitz: Crown money laundering investigation widens, The Star facing probe
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Casinos

Watchdog blitz: Crown money laundering investigation widens, The Star facing probe

The financial crimes watchdog has widened its probe into Crown Resorts and has launched new investigations into Australia’s two other major casino operators.

  • by Patrick Hatch
‘Slipping through the cracks’: Concerns build over NAB’s anti-money laundering compliance
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Crime

‘Slipping through the cracks’: Concerns build over NAB’s anti-money laundering compliance

The bank’s anti-money laundering department is struggling to cope with a blow-out in processing times for suspicious transactions and a year-long backlog for reviewing high-risk customers.

  • by Charlotte Grieve
Crown stuffs $630m under the bed, betting on rainy days ahead
Opinion
Casinos

Crown stuffs $630m under the bed, betting on rainy days ahead

Crown’s financial position is sufficiently unclear that it needs to keep its financial powder dry for a number of contingencies that arise from the two royal commissions of which it is the subject.

  • by Elizabeth Knight
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Gold bullion, luxury cars and cash seized in alleged $10 million NDIS scam

Gold bullion, luxury cars and cash seized in alleged $10 million NDIS scam

Six people were arrested after police raided properties across western Sydney and seized eight kilograms of gold bullion, jewellery, cryptocurrency and cash.

  • by Sarah McPhee
Airwallex banks with ANZ, despite NAB and Citi rejection

Airwallex banks with ANZ, despite NAB and Citi rejection

ANZ provides banking services for fintech Airwallex, despite it being rejected by two major lenders and it onboarding clients that violate an ANZ policy banning remitters.

  • by Charlotte Grieve
Crown’s game of ownership a little too rich for Star
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Casinos

Crown’s game of ownership a little too rich for Star

Blackstone’s offer is unlikely to get Crown board’s blessing, leaving it and major shareholder James Packer scouring the market for other contenders if it wants to get a deal over the line.

  • by Elizabeth Knight
AUSTRAC claimed the Vatican wired $2.3 billion to Australia. The true figure was $9.5 million

AUSTRAC claimed the Vatican wired $2.3 billion to Australia. The true figure was $9.5 million

The financial crime watchdog has issued a grovelling apology after accidentally giving Parliament a massively inflated figure.

  • by Bevan Shields
AUSTRAC reviewing data on Vatican money transfers

AUSTRAC reviewing data on Vatican money transfers

The agency monitors financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism financing.

  • by Nicole Winfield