AUSTRACAustralian Transaction Reports and Analysis Centre
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None of these factors are materially affected by the resolution of the AUSTRAC case.
The Commonwealth Bank will also pay 2.5 million Australian dollars in legal costs to AUSTRAC, subject to approval from the Federal Court.
(21) These providers must apply for registration on AUSTRAC's Remittance Sector Register2 and may register in one or more of the following capacities: (23)
A statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CFT Act), conducted by the Attorney-General's Department with assistance from AUSTRAC, is underway to examine the objectives and scope of the AML/CFT regime, opportunities for deregulation, the risk-based approach to AML/CFT, and industry reporting obligations.
"It is also important that, with 35 different law enforcement, revenue and national security agencies having access to this financial intelligence, the agency providing the financial intelligence is independent of each of those agencies." He added: "The independence of the administrative model continues to allow AUSTRAC to build relationships with the financial sector, industry bodies, and the agencies to which our financial intelligence is disseminated." Mr Jensen has been actively involved with the Egmont Group of FIUs, and notes that the majority of members operate under the administrative model.
In some circumstances, "reporting entities" will be required to pass on information regarding their clients to AUSTRAC. If staff members of these entities suspect that the provision of services is preparatory to a financing of terrorism offense, or that information concerning such provision is relevant to the investigation or prosecution of such an offense, s/he must supply a "suspicious matter" report to AUSTRAC within 24 hours (AML/CTF Act, Part 3, Division 2).
Sydney: Fitch Ratings has today stated that the resolution of the civil anti-money laundering case brought by the Australian Transaction Reports and Analysis Centre (AUSTRAC) against Commonwealth Bank of Australia (CBA; AA-/Negative) has no impact on the ratings of CBA.
The Australian Transaction and Reports Analysis Center (AUSTRAC)--the country's financial intelligence unit (FIU)--identifies four key features of money laundering in the country: intermingling legitimate and illicit financial activity through cash intensive businesses or front companies; engaging professional expertise, such as lawyers and accountants; the use of money laundering syndicates to provide specific money laundering services to domestic and international crime groups; and the "internationalization" of the Australian crime environment, a reflection of the pervasive international money laundering ties of Australia-based organized criminal groups.
A transnational money laundering syndicate is being hunted by the joint forces of the Australian Federal Police or AFP's Operation Zanella, the Australian Crime Commission or ACC, South Australian Police or SAPOL, Australian Transaction Reports and Analysis Centre or AUSTRAC and the Indian Enforcement Directorate or IED in India.
Last year, AustralianSuper lodged a protest vote against the re-election of CBA (CBA: ASX) director Andrew Mohl because of how the bank handled the AUSTRAC money laundering scam.