Tag: AUSTRAC

Crypto Crimes on the Rise in Australia

April 22, 2022
AUSTRACAustraliaAustralian Prudential Regulation Authoritycyber crimeWorld
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Australian cyber authorities have warned people and local businesses to take precautions against cybercriminals as they have become more sophisticated in using digital currencies and other methods in their exploit schemes. The Australian Transaction Reports and Analysis Centre (AUSTRAC), which is responsible for detecting, deterring, and disrupting criminal abuse of the financial system, has released…

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Australia Monitors Crypto Transactions to Prevent Russia’s Sanctions Evasion

March 24, 2022
AUSTRACAustraliaBusiness & EconomycryptocurrenciesEuropeRussia sanctionsRussia-Ukraine WarWorld
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Australian Transaction Reports and Analysis Centre (AUSTRAC) has joined other financial intelligence agencies to track down the Russia-related money flows via cryptocurrency transactions to prevent the country from evading international sanctions. The move comes as Australia has included cryptocurrency, or crypto, in its sanctions regime against Russia, which imposes asset freezes on listed individuals and…

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Australia’s Big Four Banks Warned of High Risk From Criminal Financing

September 8, 2021
anti-money launderingArchivedAUSTRACAustraliaAustrlian Major BanksNewsWorld
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Australia’s major banks are facing the highest risk from money laundering and terrorism financing (ML/FC)  among all banking institutions in the country, according to AUSTRAC’s latest series of banking sector risk assessments released on Sep.6. AUSTRAC warned that the criminal environment facing the big four—the Commonwealth Bank (CBA), the National Australia Bank (NAB), ANZ and…

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