National drugs syndicate used WA construction firm to launder cash, police allege – 2 June 2024
WA detectives have busted a national drugs syndicate they allege used a local construction firm to launder its dirty money. The alleged head of the syndicate, who used the name Fatboy, was arrested last Saturday, shortly after flying into Perth from NSW.
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How Australia is tackling financial crime with technology – 3 June 2024
With more financial transactions moving online, cyber-enabled financial crimes are on the rise. According to the Australian Cyber Security Centre (ACSC), 500 ransomware attacks were reported in the 2020-21 financial year, an increase of 15% from the previous year. Continuous investment in technology, alongside a commitment to regulatory compliance and international cooperation, will be pivotal.
https://fintech.global/2024/06/03/how-australia-is-tackling-financial-crime-with-technology/
Austrac issues warning over money ‘mules’ – 4 June 2024
Banks are being urged to be on watch for unusual transactions in accounts opened by international students and migrants, amid a surge in criminals using their access to move funds. Today AUSTRAC released a new financial crime guide to help businesses identify and report suspicious activity related to criminal networks targeting vulnerable international students and temporary residents as money mules.
Trio on trial accused of $21 million fraud plot against NAB – 4 June 2024
Three people are facing trial over an elaborate fraud scheme that allegedly tried to cheat National Australia Bank out of more than $21 million through fake bank vouchers.
The trio each pleaded not guilty to a slew of fraud-related charges and will fight the accusations against them.
Global Corporate Crime and Investigations update – May 2024 – 4 June 2024
This six-monthly publication calls on experts from around the network to provide updates on significant new developments and enforcement trends in their jurisdictions. In Australia, there have been key developments in the Australian corporate crime landscape in relation to sanctions and corporate bribery.
https://www.lexology.com/library/detail.aspx?g=6ce81e9b-9c30-483f-83d6-d47a91374eb8
ASIC lawsuit reveals up to $2.8m axed from audit oversight – 4 June 2024
The corporate watchdog has admitted it ripped up to $2.8 million out of its audit and financial report inspection program, resulting in at least six senior analysts being reshuffled or made redundant. It is the first time the Australian Securities and Investments Commission has acknowledged the extent of changes that led to its annual report card on the big four accounting firms’ audit quality being scrapped.
ASIC to implement new threat intelligence platform – 4 June 2024
(ASIC) is to implement a new cyber threat intelligence platform following the receipt of recent federal funding. The financial and business regulator, alongside the Australian Prudential Regulation Authority (APRA), received $206.4 million from this year’s federal Budget for a program of technology and cyber uplifts. ASIC chair Joseph Longo, said part of the funding will be allocated to implementing a new threat intelligence platform to “improve information collection, time to detection of internal and external cyber threats”.
https://www.itnews.com.au/news/asic-to-implement-new-threat-intelligence-platform-608538
Medibank is being sued by the privacy regulator, a move welcomed by former customers and cybersecurity experts – 5 June 2024
The Australian Information Commissioner is suing Medibank over a data breach at the health insurer in 2022. The Medibank and ahm hack was one of the largest-ever breaches of Australian customers’ data. The commissioner says the health insurer failed to protects it customers data. The maximum potential fine is about $21 trillion but it will be up to the Federal Court to determine the final amount.
https://www.abc.net.au/news/2024-06-05/medibank-taken-to-federal-court-over-cyber-attack/103936664
UK tech tycoon Lynch cleared of HP fraud charges in $16.5b deal – 7 June 2024
UK tech tycoon Mike Lynch was found not guilty of criminal charges that he pulled off Silicon Valley’s biggest-ever fraud 13 years ago by duping Hewlett Packard into buying his software start-up for 16.5 billion. His victory is stunning after he lost a civil trial in the UK in 2022 over allegations that he and Autonomy’s former finance chief used accounting tricks to inflate the company’s revenue ahead of its 2011 sale.
Study finds ‘pervasive’ culture of sexual harassment of Australian retail workers and few places to turn for support – 7 June 2024
Sexual harassment in the retail industry is ‘pervasive’, according to a University of Sydney study. A combination of customer-first culture and a lack of support means many workers are forced to deal with sexual harassment on their own. The researchers and peak body for the retail sector say better training and support resources are needed in retail workplaces.
Travis Paul Barnard jailed for stealing girlfriend’s superannuation savings after unexpected death – 7 June 2024
Travis Paul Barnard accessed his partner’s superannuation account in the hours after her sudden death. He changed her non-binding beneficiary to himself using her phone, gaining access to more than $300,000. He has been sentenced to 4 years jail.
https://www.abc.net.au/news/2024-06-07/travis-paul-barnard-girlfriend-superannuation-theft/103951514
Adelaide’s SkyCity casino ordered to pay $67m fine over money laundering case – 7 June 2024
The Federal Court has ordered the operator of Adelaide’s casino to pay a $67 million fine in a money laundering case brought on by AUSTRAC. Allegations in court documents revealed the casino had customers with links to organised crime, loan sharking human trafficking and sex slavery. SkyCity already had set aside more than $70 million to cover the penalty.
