Tag: Recruitment
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Regulatory Watch News
AUSTRAC releases updated risk snapshot of Australia’s financial crime landscape
Austrac
Australia’s money laundering, terrorism and proliferation financing risks are becoming more complex and interconnected, driven by technology, globalisation and the growing overlap between legitimate and illicit activity, AUSTRAC says. AUSTRAC CEO Brendan Thomas said three new national updates released today provide an up‑to‑date snapshot of how serious financial crime threats are evolving across the country. “These updates show that Australia’s money laundering, terrorism financing and proliferation financing environments continue to rely on enduring channels – but they are being reshaped by technology, globalisation and increasingly sophisticated criminal behaviour,” Mr Thomas said.
Investigation into cyber enabled wage subsidy fraud leads to charges
The Royal Canadian Mounted Police
Royal Canadian Mounted Police (RCMP) Federal Policing – Central Region has laid charges following an investigation into a series of cyberattacks targeting the Government of Canada’s Canada Emergency Wage Subsidy (CEWS) program. The CEWS program, administered by the Canada Revenue Agency (CRA), was introduced to support Canadian employers during the COVID-19 pandemic. The investigation revealed a coordinated scheme in which suspects fraudulently obtained CEWS funds by exploiting compromised online credentials belonging to legitimate Canadian businesses.
FinCEN Issues Alert to Stop Money Laundering by Iranian Revolutionary Guard Corps
FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert to help financial institutions identify and stop funding streams and procurement networks supporting Iran’s Islamic Revolutionary Guard Corps (IRGC). The IRGC has engaged in terrorist activity since its inception with the full support of the Iranian regime. The Alert outlines how the IRGC facilitates and launders the proceeds of illicit oil sales by using networks of shell companies and financial facilitators. To promote detection and reporting of suspicious activity by financial institutions, the Alert provides red flags related to the IRGC’s oil smuggling, front company abuse, and use of digital assets.