AML/CTF (96 items)

ANZ might pull plug on Revolut before ASIC

Pressure is mounting on the Australian Securities and Investments Commission to revoke special regulatory relief it granted to controversial mobile payments provider, Revolut Ltd.The company is planning to launch in Australia this month but its prospects look less certain after a recent wave of negative newspaper reports in London that allege the company last year failed to tell UK regulators about a protracted breakdown in its anti-money laundering systems. read more

CommBank AML blues widen

ASIC is looking at whether CBA's most senior staff met their obligations of "care and diligence" in relation to systemic breakdowns in the bank's AML controls between 2012 and 2017.The regulator is looking for evidence to mount a civil case against at least five CBA directors. The investigation includes whether the bank allocated sufficient resources to fix the problems between 2015 and 2017. read more

Chinese laundering allegations pressure Australia to close loopholes

The revelations about Chinese asset recovery agents operating covertly in Australia will put pressure on the Department of Home Affairs to introduce law reforms ahead of the May general election. The government is sitting on "Phase 1.5" legislation that will prepare Australia for the introduction of the long-awaited Tranche 2 AML/CTF laws. read more

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