Displaying items by tag: Austrac

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.

GUEST OPINION: Australian businesses have been challenged with money laundering, fraud, and financial crime for years, and this threat landscape is continually evolving. In the last financial year alone, the Australian Payments Network reported there was AU$502 million worth of fraudulent transactions made. AUSTRAC continues to monitor banks, gaming companies and enterprises to ensure anti-money laundering (AML) regulations are followed and, where appropriate, accountability is taken for any breaches.

Global software company Palantir Technologies has announced that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has renewed its partnership for the ongoing delivery of an intelligence data analysis platform.

AUSTRAC has accepted an Enforceable Undertaking (EU) from PayPal Australia to ensure its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

The Australian Transaction Reports and Analysis Centre says it will conduct an audit to determine whether betting companies Sportsbet and Bet365 have complied with laws governing financial crimes.

The Australian Transaction Reports and Analysis Centre, the agency tasked with preventing, detecting and responding to criminal abuse of the financial system, has launched an investigation into sports betting and gaming company Entain Group.

New technologies are changing the financial landscape in the Pacific region which transnational crime syndicates are exploiting, according to Australia’s anti-money laundering agency AUSTRAC.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has been awarded the Best Collaboration of the Year Award by the International Compliance Association (ICA).

The Australian Transaction Reports and Analysis Centre AUSTRAC has accepted an enforceable undertaking from National Australia Bank (NAB) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

Next-generation fintech company Block Earner has launched to help Australians change the way they invest.

The ABC, which claims to be Australia's "most trusted news service", failed to tell its viewers, during an investigative program on house prices, about the possible impact money laundering has on the local housing market.

The forecast number of 5G subscriptions worldwide by 2025 has been raised from 2.6 billion to 2.8 billion, with telecommunications equipment maker Ericsson attributing the additional growth to an increasing number of 5G subscriptions as a result of the COVID 19 pandemic.

There has been a marked increase in predatory scammers attempting to steal personal details and commit fraud, taking advantage of Australians during the COVID 19 crisis, with National Broadband Network operator NBN Co warning of heightened security threats for remote workers.

When the Federal Government issued a discussion paper in September last year indicating that it wanted to use the same as the basis for drafting a new cyber security strategy for 2020, it was quite clear that what was being looked at was a bigger role for the Australian Signals Directorate.

Nokia has announced the launch of its Network Operations Master to provide communication service providers (CSPs) with “highly-automated and scalable software for managing their 5G networks”.

The registrations of two cryptocurrency exchanges have been suspended following the arrest of a 27-year-old man from Bulleen in Victoria in connection with an Australian Federal Police investigation into an organised crime syndicate.

Australians who wish to purchase cryptocurrencies will have to first provide identity documents and open an account with the digital currency provider in question, a spokesperson for Minister for Law Enforcement and Cyber Security, Angus Taylor (below, right), says.

Two longstanding directors of the scandal-hit Commonwealth Bank are vacating their board seats in what appears to be a fallout caused by the ongoing crisis.

Australia has said it will move to regulate exchanges that deal in the cryptocurrency bitcoin, as part of its crackdown on money laundering and terrorist financing.

Commonwealth Bank chief executive Ian Narev will bid goodbye to the organisation by the end of June 2018 in the wake of the allegations of violating money-laundering and counter-terrorism financing laws levelled by AUSTRAC.