AUSTRAC eyes big four money laundering, terrorism risk
07 Sep 2021

Financial intelligence regulator AUSTRAC has assessed the four major banks as the highest risk for vulnerability and criminal exploitation of any banking institutions in Australia in a series of risk assessments published on Monday.

The feared financial regulator says the criminal environment facing the banks is complex and extensive, exposing them to criminal behaviours ranging from tax evasion and drug trafficking to predicate offences (offences that are part of other offences) such as bribery and modern slavery.

Fresh from the successes of extracting $2 billion in settlements from Westpac and Commonwealth Bank of Australia, AUSTRAC released four reports assessing the money laundering and terrorism financing risks facing the majors, smaller domestic banks, foreign subsidiary banks and foreign bank branches.

The regulator said criminals were looking to exploit everything from foreign students and night deposit boxes to mobile apps and real estate transactions, and it was on high alert for their next moves.

By James Frost, The Australian Financial Review, 6 September 2021

Read more at The Australian Financial Review

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