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The Latest Breaking News from AUSTRAC

Regional bank pinged over money laundering guardrails

Regulatory action is being taken against a major regional bank after it self-reported suspected money laundering in its operations.

AAP

Regional bank warns 'we are living in a time of change'

A bank board has faced shareholder questions about its decision to bring in a technology solutions partner, amid widespread change in the finance sector.

AAP

Albanese defends $2.5bn Nauru deal as transparency advocates warn taxpayer dollars could fuel ‘kleptocracy’

PM dismisses concerns over corruption allegations against senior Nauruan politicians aired in parliament, saying secret offshore processing deal ‘entirely appropriate’

The Guardian - AU

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Corruption allegations levelled at Nauru in Senate

Nauru's President David Adeang and Foreign Minister Lionel Aingimea have been allegedly linked to suspicious financial activity involving Australian funds.

AAP

Nauru president accused in parliament of corruptly siphoning off millions of Australian funding

Senator uses parliament to accuse Albanese government of knowing David Adeang was ‘seriously corrupt’ yet still signing $2.5bn deportation deal

The Guardian - AU

Bendigo Bank admits poor money-laundering controls

Bendigo and Adelaide Bank's board says it is committed to fixing the inadequacies cited in a Deloitte report and is engaging with regulators.

AAP

Crypto crackdown targets ATM laundering rackets

Powers to crack down on money laundering schemes linked to cryptocurrency and crypto ATMs could help vulnerable international students.

AAP

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Government to introduce new powers to fight money laundering, terrorism financing, crypto crime

Home Affairs Minister Tony Burke on Thursday will outline new powers to combat money laundering, terrorism financing and crime risks associated with cryptocurrency and Crypto ATMs.

The Conversation

Man allegedly sent $650k to sanctioned Iran banks

The AFP alleges a man sent $650,000 in international money transfers to banks in Iran that were subject to the Australian government's sanctioned list.

AAP

Winklevoss twins' crypto exchange launches in Australia

Crypto exchange Gemini says it views new regulations being developed by the federal government as a positive as it launches Australian services.

AAP

Pokies giant taken to court over money laundering gaps

A financial regulator is launching legal action against Mounties, a club which operates some 1400 poker machines, over alleged money laundering risk failures.

AAP

Australian authorities say top crypto ATM users are scam victims and money mules — most transactions from victims or mules forced to deposit money into the machines

Scammers are using crypto ATMs as a tool to defraud victims out of their savings.

Tom’s Hardware

The Star cries poor, labels $400m fine a casino killer

The Star has said it will not survive being fined $400 million after admitting to lax anti-money laundering measures and courting high-risk gamblers.

AAP

'High risk': The Star's $167m credit to money launderer

The scale of The Star casino's enabling of billions of dollars in risky transactions, including from at least one money launderer, has been exposed in court.

AAP

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AAP

The Star faces $400m implosion over crime concerns

Backpacks full of cash, concealed transactions and gamblers with criminal links were ignored by The Star casino, which faces a fine of $400 million or more.

AAP

Hammer falls on crypto ATMs over scams, laundering

Australia's adoption and use of cryptocurrency ATMs is on the rise, but so too is their use to scam society's most vulnerable out of millions of dollars.

The Guardian - AU

Third executive quits gambling giant as company battles ongoing money laundering case

Exclusive: Lachlan Fitt, who served as chief financial officer of Entain Australia since 2018, resigns from company that runs Ladbrokes and Neds brands

The Guardian - UK

CEO of Ladbrokes owner Entain steps down after five months in role

Company will be run on an interim basis by the chair, Stella David, after exit of Gavin Isaacs

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The Guardian - AU

Ladbrokes owner took $152m from customers with ‘suspected criminal associations’, court documents claim

Gambling giant, which runs Ladbrokes and Neds, was aware patrons may have been laundering money, according to federal court documents

The Independent UK

Entain sued by Australian regulator over money laundering allegations

Australia’s financial crime regulator said Entain’s activities in the country left it at ‘serious risk of criminal exploitation’.

The Guardian - AU

Banks and bookmakers tricked by ‘sophisticated’ gambling syndicate may have breached anti-money laundering laws

Exclusive: Documents seen by Guardian Australia show syndicate placed bets with Sportsbet while using another person’s name

The Guardian - AU

Your ID for $400: warnings issued after Australian gambling syndicates offer money for documents

Gamblers say the ‘bowler accounts’ are used for legitimate bets, while concerns raised about potential money laundering

AAP

Australia aims to bolster Pacific banking, labour visa

The federal government is working on a solution to ensure a major bank maintains services in the Pacific while bolstering the integrity of financial systems.

The Guardian - AU

Criminals and corrupt officials may find it easier to launder money in Australia if lawyers given more powers

Law Council of Australia rejects claims the profession presents a ‘significant risk of money laundering and terrorist financing’

The Conversation

Australia’s professional services sector is being used to launder money. It’s time for tougher laws

Australia’s stable political and legal systems – and relatively resilient economy – make it an attractive place to do business.

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