Financial Integrity Hub

✋ ENGAGEMENT: The Second Edition of FIH INSIGHTS Is Out Now!!    The Financial Integrity Hub's quarterly bulletin, FIH Insights, provides expert perspectives on financial crime prevention and disruption. This second edition focuses on implementing AML/CTF reforms following the recent passage of significant amendments to the AML/CTF framework. It's a timely and insightful read as we prepare for a busy new year!   This edition includes contributions from academics, industry professionals, and government representatives. It features insights from FIH Patron, the Honourable Patricia Bergin, Evan Gallagher, Gordon Hook, Jeremy Moller, Anton M., Katie Benson, Nicholas R., Isabelle Nicolas, Derwent Coshott, Andreas Chai and Mike Kossenberg. 📚 FIH Insights is tailored for professionals and enthusiasts in the financial crime sector, offering the latest updates, trends, and expert opinions on key topics. It provides our community with unique and professional perspectives on financial crime issues, along with updates on the Financial Integrity Hub's recent initiatives and upcoming events. Whether you're a seasoned compliance professional, a legal expert, or someone keen on understanding what the AML/CTF Reform will mean for the financial crime landscape, this edition is a must-read. 🤝 We thank our partners, WhiteLight AML and Tomas Jordan for their collaboration, which enables us to provide our readers with the latest updates, insights, and valuable content. We also thank Isabella Pace for her valuable assistance with this issue. Wishing our community a joyful Christmas, a bright Hanukkah, and happy reading! _________ If you want to see more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) to receive notifications for future posts and events.   #financialintegrityhub #resources #experts #reform #implementation #publication #collaboration #FIHinsights

🚨News Update: AUSTRAC takes Ladbrokes and Neds’ operator – Entain – to Federal Court over serious non-compliance with Australia’s money laundering laws AUSTRAC has launched civil penalty proceedings in the Federal Court against Entain Group, operator of online betting platforms like Ladbrokes and Neds, for serious breaches of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. AUSTRAC CEO Brendan Thomas stated that Entain’s systemic failures in addressing AML/CTF obligations left the company vulnerable to criminal exploitation. The allegations include: 👉Lack of appropriate oversight by Entain’s senior management over its AML/CTF program, limiting its ability to identify and manage money laundering and terrorism financing risks. 👉Entain operated a 24/7 business through its website and app, which created risks that persons unknown to Entain could access and use Entain's betting platform including through third party providers. 👉Failure to verify the identity and source of funds for customers making high-risk deposits, including cash transactions, which are more likely to be linked to criminal activity. 👉Entain did not conduct appropriate checks on 17 higher risk customers, including examples where Entain did not appropriately deal with the risk that its online betting sites were being exploited by criminals to spend the proceeds of serious crime. This includes allegations that Entain deliberately obscured the identity of some high-risk customers, on its own systems, through the use of pseudonyms to “protect their privacy”. This is AUSTRAC’s first civil penalty action against businesses in the online betting sector, underscoring the need for businesses to take their AML/CTF responsibilities seriously. AUSTRAC continues to target gambling businesses in Australia to curb money laundering opportunities, following previous penalties against Crown and SkyCity. -------- Want to see more from the Financial Integrity Hub (#FIH)? Click +Follow (top left) to stay updated on future posts and events. #AUSTRAC #enforcement #AML #CTF #onlinebetting 

🚨News Update: NSW Poker Machine Losses Hit $1 Million an Hour New data from the NSW Department of Liquor and Gaming reveals a staggering $2.25 billion was lost to pokies in just three months (July–September), equating to $1 million an hour.   Most of the losses were concentrated in Sydney's western suburbs, with Canterbury-Bankstown losing $2 million daily. 👉 This comes amid growing concerns about money laundering, with the Independent Panel on Gaming Reform recommending a central database for poker machine players to track spending and mitigate illegal activity. The expert panel also recommended default time and spend limits, although these would be non-binding, and players could opt out. While the government has yet to respond, reform advocates like Wesley Mission are pushing for mandatory cashless gaming cards to reduce gambling harm and improve accountability. Stu Cameron, CEO of Wesley Mission, described the current situation as "callous exploitation" and highlighted how the poorest communities are bearing the brunt, while the gambling industry continues to rake in record profits. _________ Want to see more from the Financial Integrity Hub (#FIH)? Click +Follow (top left) to stay updated on future posts and events. #GamblingReform #MoneyLaundering #Pokies #NSW #CashlessGaming #ResponsibleGambling #financialintegrityhub 

🚨 News Update: Consultation over the draft AML/CTF Rules begins     On 29 November 2024, the Australian Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill, making significant updates to the AML/CTF Act 2006. These reforms aim to enhance Australia's ability to deter, detect, and disrupt crimes like money laundering, terrorism financing, and the financing of weapons proliferation. In line with these changes, AUSTRAC is updating the AML/CTF Rules Instrument 2007 (No.1), providing greater clarity on compliance requirements and offering more flexibility to reporting entities. These new rules aim to support businesses in preventing financial crime, reducing regulatory burdens, and improving overall compliance. The updated rules cover key areas such as: 🔹 AML/CTF Programs 🔹 Customer Due Diligence 🔹 Travel Rule 🔹 Compliance Reports 🔹 Correspondent Banking Relationships 🔹 Keep Open Notices 🔹 Reporting Groups (formerly designated business groups) Given the substantial changes proposed, AUSTRAC strongly encourages all stakeholders - reporting entities, industry associations, and experts - to review the exposure draft and provide feedback. 🗓 Consultation Period: 11 December 2024 – 14 February 2025. Don’t miss your chance to contribute! _________ Want to see more from the Financial Integrity Hub (#FIH)? Click +Follow (top left) to stay updated on future posts and events. #AML #CTF #AUSTRAC #FinancialCrime #Compliance #RegulatoryReforms #Consultation

🎙️ FIH PODCAST: Risk Management in Casinos    Welcome back to Season 2 of the Financial Integrity Hub's podcast where we explore trends in financial crime, risk, and compliance. In this episode, our host, Isabelle Nicolas interviews Armina Antoniou. 👉 Listeners can hear about Armina’s approach to risk management, her view on what makes a strong risk culture, and more! Armina has approximately 20 years of experience as a risk and legal professional across Australian and global companies. She currently serves as Chief Risk Officer at Crown Resorts, and on the Advisory Board at the Financial Integrity Hub. ✋We thank #CFCE for partnering with us on this podcast series. CFCE offers 50% discounts on all the online training courses: Fundamentals in AML, Fundamentals in CTF, AML/CTF for Clubs and Pubs, KYC, CDD, and others. Just use the code “CFCE-FIH” (courses.cfce.com.au). If you enjoyed the episode, give us ⭐ ⭐⭐⭐⭐ and follow our FIH Podcast! ----------------------------------   If you want to see more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) to receive notifications for future posts and events. #AML #Risk #Crownresorts #compliance #podcast #interview 

✋ ENGAGEMENT: Thank you for attending the FIH End of Year event! A heartfelt thank you to all our longstanding supporters and first-time guests who joined us at the Financial Integrity Hub’s end-of-year event! We hosted a full house and heard from leaders across academia, industry, and AUSTRAC. Our guests were warmly welcomed by the Honourable Patricia Bergin. A special thank you to Jamie Ferril, Paul Jevtovic, and Katie Miller, for sharing their insights on the future of financial crime prevention in Australia, and for their engaging responses to the audience’s provocative questions. We also extend our gratitude to KPMG, particularly Sue Bradford, for her ongoing support and leadership at FIH. 🏆 Congratulations to BioCatch (Richard Booth) for winning the Financial Crime Fighters of the Year award in the category of Innovation, and to Kate Ferry (Australian Federal Police) for being named Financial Crime Fighter of the Year for her leadership at the AFP. More photos from the night will be available on our website in the coming days. Merry Christmas🎄, Happy Hanukkah 🕎, and Happy New Year 🎇 from the FIH team! Hon.Patricia Bergin | Doron Goldbarsht | Isabelle Nicolas | Armina Antoniou | Stuart Clark AM FAAL FAICD | Louis De Koker | Paul Jevtovic APM OAM | Elizabeth Sheedy | Sue Bradford | Tony Prior | Dr Jamie Ferrill | Hannah Harris | Daley Birkett | Derwent Coshott ___ Want to see more from the Financial Integrity Hub (#FIH)? Click +Follow (top left) to stay updated on future posts and events. #AML #CTF #financialcrime #Networking #event #FinancialIntegrityHub

✋ ENGAGEMENT: We’re thrilled to host our SOLD-OUT end-of-year event tonight! The Financial Integrity Hub (#FIH) looks forward to welcoming our guests this evening at the KPMG offices in Barangaroo, Sydney. Guests will come together to explore Shaping the Future of Financial Crime Prevention in Australia and hear from a lineup of distinguished speakers: 👉 Paul Jevtovic APM OAM (Chief Financial Crime Risk & Group MLRO at NAB and FIH) 👉 Katie Miller (Deputy CEO, AUSTRAC) 👉 Dr Jamie Ferrill (Charles Sturt University and FIH) This event will also provide a valuable opportunity for guests to connect or re-connect with colleagues in the field, gain insights into the future of AML/CTF in Australia, and celebrate excellence in the fight against financial crime with the announcement of the FIH Financial Crime Fighter of the Year Awards. 📍 Location: 300 Barangaroo Avenue, Level 38 Tower 3, Sydney, NSW 2000 🕒 Time: 5:30 PM (networking commences); 6:00 PM (presentations commence). _______ Want to see more from the Financial Integrity Hub (#FIH)? Click +Follow (top left) to stay updated on future posts and events. #AML #CTF #Event #Networking #FinancialIntegrityHub

💡 KNOWLEDGE: ASIO release a shocking report on youth radicalisation 📄 The Five Eyes security and law enforcement agencies have released a jointly authored analysis of youth radicalisation – the first time they have collaborated on a public paper. “Young people and violent extremism: a call for collective action” identifies common issues and trends contributing to youth radicalisation and includes case studies from all five countries. 👉 Around twenty per cent of ASIO’s priority counter-terrorism cases involve young people. In every one of the terrorist attacks, disruptions and suspected terrorist incidents in Australia this year, the alleged perpetrator was a young person. Australian Federal Police Commissioner Reece Kershaw said the AFP was concerned with the increasing number of youth being investigated by the Joint Counter Terrorism Teams (JCTT). 👉 Since 1 January 2020, the AFP alongside its JCTT partners, has investigated and conducted operational activity against 35 individuals aged 17 years or younger, with the youngest aged 12 years old, and 57 per cent have been charged with either Commonwealth or state-based offences. “Within the JCTT youth caseload, we are witnessing the same extremist propaganda videos across multiple unrelated investigations, and this suggests that links exist in the online environment across platforms such as Discord, Telegram and TikTok", commissioner Kershaw said. ASIO and the AFP support a whole-of-society response – including early intervention – to counter the issue. The Five Eyes analysis in this report informs the Australian Government’s upcoming counter-terrorism and violent extremism strategy.  ________  If you want to see more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) to receive notifications for future posts and events. #CTF #AFP #youthradiclisation #ASIO #Fiveeyes #JCTT

✋ ENGAGEMENT: FIH Director Doron Goldbarsht has been recognised for Research Excellence by Macquarie Unviersity Today at the Faculty of Arts research awards, Associate Professor Doron Goldbarsht was highly commended for research excellence. Doron's research addresses critical issues in the field of financial crime. His innovative thought leadership and dedication to research in this area has been recognised today, following a significant contribution in publications this year and his instrumental role in advancing research at the Financial Integrity Hub. _______ To stay updated with more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) for future notifications on posts and events. #research #financialcrime #innovation #leadership #MQU #financialintegrityhub

🚨 News Update: AFP Dismantles Major Crime Syndicate Laundering $10 Million in Criminal Proceeds The Australian Federal Police (AFP), in collaboration with AUSTRAC and other agencies, has successfully dismantled an organised crime syndicate accused of laundering over $10 million in illicit funds. The investigation, led by Taskforce #Avarus, focuses on combating money laundering within Australia’s financial system. The operation began in October 2024 after a referral from the ANZ Financial Crime Team. #AFP investigators uncovered a sophisticated money laundering network with links to organised crime groups in Sydney, involving both Korean and Middle Eastern crime figures. The syndicate’s method included collecting criminal proceeds through ‘dead drops’ and depositing the cash into online accounts, before converting the funds into cryptocurrency. Several individuals were arrested throughout November. A 36-year-old man was initially charged after attempting to deposit $1 million in cash at a Brisbane bank. He faces charges related to dealing with proceeds of crime. Other arrests followed, including two men, aged 51 and 38, both charged with recklessly dealing with over $1 million in criminal funds. The 51-year-old is suspected of handling more than $5 million in illicit deposits. These individuals were denied bail and are scheduled for court appearances in January 2025. Search warrants were executed on multiple properties, leading to the seizure of cash-counting machines, luxury items, and other evidence of the syndicate’s operations. On November 25, a 34-year-old man was arrested and charged with similar offences. AFP Detective Acting Superintendent Luke Needham emphasised that the AFP’s efforts are relentless in targeting money laundering networks, which fund further criminal activity. The operation highlights the critical role of financial institutions, such as ANZ, and agencies like AUSTRAC in disrupting criminal financial flows in Australia. Taskforce Avarus continues to target and dismantle complex criminal operations, with a focus on both traditional financial channels and emerging risks like cryptocurrency misuse. ____________ If you want to see more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) to receive notifications for future posts and events.   #AML #CTF #AUSTRAC #AFP #ANZ #cryptocurrency #TaskforceAvarus