AML News

Police allege his business was laundering money derived from other's drug dealing and, in addition to acquiring expensive assets, they claim he transferred $24m cash into bank accounts he controlled in China.

Property Brokers Limited failed to meet several of their AML/CFT obligations relating to the establishment, implementation and maintenance of their AML/CFT programme and the hiring and training of compliance staff. They also failed to have adequate policies, procedures and controls for monitoring compliance or to follow guidance material from AML/CFT supervisors.

This article summarises the Department’s findings for the accountancy sector from its desk-based reviews and on-site inspections undertaken from January 2019 to January 2020.

This article is a summary of the Department’s findings for the real estate sector from its compliance assessments undertaken from 1 January 2019 to 31 July 2020.

Australia does not have a beneficial ownership register to collect this information, nor does it require real estate agents, lawyers and accountants involved in real estate deals to identify the beneficial owners of legal entity clients.

Westpac Bank analysts are running worst-case scenarios on a fine as large as $3 billion.

Austrac launches legal action against bank over $11bn in transactions and allegedly failing to detect activity ‘indicative of child exploitation’

Standard Chartered Plc has agreed to pay $1.1 billion to U.S. and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries, government authorities announced on Tuesday.