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Australia’s Big Four Banks Warned of High Risk From Criminal Financing

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

Australia’s major banks are facing the highest risk from money laundering and terrorism financing (ML/FC)  among all banking institutions in the country, according to AUSTRAC’s latest series of banking sector risk assessments released on Sep.6. AUSTRAC warned that the criminal environment facing the big four—the Commonwealth Bank (CBA), the National Australia Bank (NAB), ANZ and Westpac—is complex and extensive, with money laundering being the primary threat, followed by tax evasion, drug trafficking, fraud and scams. The banks currently are responsible for 47 million customers and 73 percent of all assets in Australia. AUSTRAC CEO Nicole Rose said it’s vital for banking institutes operating in Australia to work with the government and law enforcement to protect Australia’s financial system and Australians from serious and organised crimes. “Criminals will exploit any gaps and use sophisticated methods for their own personal greed,” she said in a statement, noting the challenges associated with “a rapidly …

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