The Latest FinCrime News from the Pacific region
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AUSTRAC Warns Wealth Management Sector Over Low Reporting Levels
According to AUSTRAC, the wealth management money laundering reporting gap has reached critical levels as ninety eight percent of firms failed to submit suspicious matter reports.
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AUSTRAC Identifies Critical AML Failures in Foreign Banking Operations
AUSTRAC warns of systemic Foreign Banking Sector Risk Mitigation failures as 50 foreign bank branches moved 2.5 trillion dollars with minimal oversight and high exposure to money mule networks and politically exposed persons.
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Australia Implements Stricter Public Register To Combat Crypto Laundering
The Australian Transaction Reports and Analysis Centre has implemented a series of expanded safeguards to combat the movement of illicit funds through virtual assets.
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AUSTRAC Orders MHITS Limited to Appoint Auditor Over Compliance Gaps
AUSTRAC has ordered MHITS Limited to appoint an external auditor following a crackdown on the payment sector. The MHITS Limited AML Compliance Review will focus on transaction monitoring failures.
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AUSTRAC Reforms Target High Risk Professionals With Stricter AML Rules
AUSTRAC launches the Australian AML compliance expansion, requiring 100,000 new businesses, including lawyers and real estate agents, to enrol and follow strict anti money laundering rules.
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Binance Australia Derivatives Faces 10 Million Dollar Penalty
Oztures Trading, operating as Binance Australia Derivatives, must pay a 10,000,000 dollar penalty after the federal court identified systematic Regulatory Compliance Failures affecting 524 retail clients who were misclassified as wholesale investors.
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Australian Authorities Warn Against Terrorism Financing Risks and Penalties
Australia warns of life imprisonment for Terrorism Financing Risks as groups pose as charities. Learn how to verify donations and stay compliant.
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Australia Implements Aggressive Sanctions Enforcement for Professional Service Providers
Australia Implements Aggressive Sanctions Enforcement for Professional Service Providers to stop money laundering via Tranche 2 and Australian Sanctions Compliance.
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New Zealand Overhauls AML Laws to Strengthen Financial Integrity
The New Zealand AML reform introduces a single supervisor model to consolidate oversight and harden the financial system against money laundering and terrorism financing through rigorous new risk based legislative measures.
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AUSTRAC CEO Brendan Thomas Issues Urgent Tranche 2 Money Laundering Warning
AUSTRAC CEO Brendan Thomas outlines new regulatory compliance requirements for the legal sector to disrupt the eighty billion dollar organized crime industry in Australia.
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AUSTRAC CEO Pushes For Enhanced Cross-Border Anti-Money Laundering Action
AUSTRAC CEO highlights the rise of regional financial crime ecosystems and the urgent need for enhanced Cross-Border Money Laundering controls to combat industrialized scams and digital payment risks in the Asia Pacific.
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New Zealand Anti-Money Laundering Reform and National Strategy
Associate Justice Minister Nicole McKee unveils the New Zealand AML Strategy for 2026-2030, targeting 1 billion dollars in annual money laundering through a unified supervision model and risk-based regulatory relief.
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How Australian Operation Taipan Crushed a 62 Million Dollar Syndicate
Operation Taipan and Global AML Strategies exposed a massive money laundering network that moved 62 million dollars through ATMs, resulting in major prison sentences and a total overhaul of Australian financial intelligence protocols.
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AUSTRAC Orders Audit of Airwallex Over AML Compliance Failures
AUSTRAC has ordered an external audit of Airwallex over suspected failures in its AML/CTF program. The Airwallex AML compliance audit will examine transaction monitoring and reporting.
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Bendigo Bank Faces AUD 50M AUSTRAC Penalty for Significant AML Deficiencies
Bendigo and Adelaide Bank faces a 50 million dollar penalty following the discovery of Bendigo Bank AML Oversight failures and systemic financial crime risk management gaps.
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AUSTRAC Blocks Raiyyan Exchange Money Transfer Renewal
AUSTRAC has blocked the registration renewal for Raiyyan Exchange due to serious, systemic deficiencies in its remittance money laundering and terrorism financing risk controls. The firm can no longer operate in Australia, an action underscoring the severe consequences for non-compliance with the AML/CTF Act and the risks associated with offsetting arrangements
Other News From the Pacific Region
AUSTRAC Warns Wealth Management Sector Over Low Reporting Levels
According to AUSTRAC, the wealth management money laundering reporting gap has reached critical levels as ninety eight percent of firms failed to submit suspicious matter reports.
AUSTRAC Identifies Critical AML Failures in Foreign Banking Operations
AUSTRAC warns of systemic Foreign Banking Sector Risk Mitigation failures as 50 foreign bank branches moved 2.5 trillion dollars with minimal oversight and high exposure to money mule networks and politically exposed persons.
Australia Implements Stricter Public Register To Combat Crypto Laundering
The Australian Transaction Reports and Analysis Centre has implemented a series of expanded safeguards to combat the movement of illicit funds through virtual assets.