Anti-Financial Crime & Financial Crime Compliance
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AML, Australia, Banking, Financial Crime, Financial Services

AUSTRAC’s Chief Executive defends financial crime regulator after NSW Police Assistant Commissioner said watchdog was ‘not swinging hard enough’

By Alisha Houlihan for AMLi

The Chief Executive Officer of the Australian Transaction Reports and Analysis Centre (AUSTRAC), Nicole Rose has rejected recent allegations that the agency has been too focused on banks

Recent actions by Austrac against banks for anti-money laundering (AML) violations have resulted in record-breaking corporate penalties, such as the AU$700M (€463M) fine against Commonwealth Bank in 2017 and the AU$1.3BN (€861M) fine against Westpac in 2019.

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