Money laundering watchdog orders audit of PayPal
Australia’s money laundering watchdog, AUSTRAC, has ordered the appointment of an external auditor to scrutinise PayPal’s compliance with financial crime laws.
Australia’s money laundering watchdog, AUSTRAC, has ordered the appointment of an external auditor to scrutinise PayPal’s compliance with financial crime laws.
A Sydney couple allegedly used cryptocurrency to help launder the proceeds of credit card fraud.
The Commonwealth Bank of Australia and the anti-money-laundering watchdog, the Australian Transaction Reports and Analysis Centre (AUSTRAC), have resolved civil proceedings launched in August last year.
The Commonwealth Bank has earmarked $375 million to pay for penalties arising from legal action launched against it by AUSTRAC, Australia’s anti-money-laundering watchdog.
AUSTRAC — the Australian government agency tasked with combating money laundering and terrorism financing — is seeking new and innovative ideas to aid its work through a 32-hour hackathon. The first ASEAN-Australia Codeathon will be held in Sydney from 14 to 16 March.
The Bank of New Zealand has become one of the first users of Intel’s Saffron platform.
The Commonwealth Bank of Australia has until 15 December to file its defence against civil action brought against it by AUSTRAC, Australia’s money laundering watchdog.
The government has moved to close what it has described as a “regulatory gap” by bringing businesses that deal with the exchange of digital currencies such as bitcoin within the purview of Australia’s anti-money-laundering rules.
The Commonwealth Bank of Australia has blamed a “coding error” for a failure to report suspicious transactions involving its Intelligent Deposit Machines (IDMs).
The federal government has said it will implement the majority of the recommendations of a Senate committee report that called for major changes to the treatment of bitcoin and similar digital currencies.
A government review of the federal anti-money-laundering regime has concluded that the use of digital currencies such as bitcoin to evade monetary controls poses a “significant” risk.
AUSTRAC chief information officer Maria Milosavljevic has spearheaded an international initiative bringing together IT leaders from financial intelligence units (FIUs) across the region to combat terrorism financing.
Seven percent of the world's $5 billion worth of supply of Bitcoin is circulated in Australia.
Australia's money laundering watchdog, the Australian Transaction Reports and Analysis Centre — AUSTRAC — will be boosting its IT systems using funding included in the $630 million counter-terrorism package announced by the government.