All AUSTRAC articles
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News BriefSkyCity Entertainment reserves $29M for pending AML/CFT fine
Australian gaming company SkyCity Entertainment Group disclosed it reserved AUS$45 million (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism law.
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News BriefCrown Resorts agrees to pay $292M over AML/CFT violations
Crown Resorts agreed to pay 450 million Australian dollars (U.S. $292 million) and overhaul its anti-money laundering and combating the financing of terrorism compliance controls for repeatedly violating Australia’s AML/CFT law.
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ArticleEffective collaboration key to fight against financial crime
The Fintel Alliance—a partnership involving AML regulator AUSTRAC, Western Australia Police, and analysts from a handful of large banks—provides an example of the positive outcomes of collaboration in fighting financial crime.
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ArticleAustralia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws
Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.
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ArticleWestpac set to pay record $912.6M civil penalty for AML failures
Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
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ArticleAnalysis: Let Westpac’s missteps be a cautionary tale
By balking at original allegations, Westpac opened itself to infinitely more harm, writes financial crime expert Martin Woods.
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ArticleWestpac outlines compliance failures that led to AML breaches
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
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ArticleLesson from Westpac: If you can’t do the simple things correctly, watch out
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
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ArticleWestpac sets aside $570M to resolve money laundering violations
Westpac has set aside AUS$900 million (U.S. $570 million) for a potential fine with Australian enforcement authorities related to a money laundering scandal and for allegations of facilitating child exploitation in the Philippines and Southeast Asia.
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ArticleWestpac accused of 23M violations of Australian AML rules
Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.