Owner of Ladbrokes and Neds sued for alleged anti-money laundering failure – 17 December 2024
Entain Group, the owner of Ladbrokes and Neds, has been accused by the financial crimes regulator of not doing enough to prevent money laundering on their products. AUSTRAC alleges Entain did not develop and maintain a compliant anti-money laundering program and failed to identify and assess the risks it faced. The matter is now before the Federal Court.
Major ATO, Centrelink, superannuation warning issued for Aussies for 2025: ‘Unprecedented rise’ – 25 December 2024
Thousands of Aussies reported being fleeced more than $584 million, with the average person losing $35,400. IDCARE, the national support centre for victims of identity theft, has identified the top six emerging scam trends to watch out for in 2025.
Australian Commission Places Hillsong College on Probation Due to Compliance Concerns – 26 December 2024
Investigations into Hillsong Church and its ministries was prompted by bombshell allegations against the church. These allegations, which became public in 2023, accused the church of mass money laundering, tax evasion, and fraud. The Australian Charities and Not-for-profits Commission found the school had issues with reporting; financial and operational record keeping; governance standards; and its overseas records and financial management.
Big Four Banks using advanced tech to protect customers against financial crime and fraud – 27 December 2024
The ongoing use of advanced technologies is proving crucial in the fight against financial crime, with the Big Four banks making strides in protecting customers and closing loopholes used by fraudsters. More toxic workplace claims may face Super Retail Group Ltd with up to 10 whistleblowers potentially having a case against the group — the operator of Supercheap Auto, Rebel, Macpac and BCF. This adds to the 21 witnesses who are prepared to testify. The trial regarding the toxic workplace allegations is scheduled for mid-2025 and is expected to span six weeks.
Does tracking your employees actually make them more productive? – 27 December 2024
Companies have powerful new tools to track employees and monitor their productivity in detail, raising obvious concerns. This article explains the pros and cons of tracking employees.
https://thesector.com.au/2024/12/27/does-tracking-your-employees-actually-make-them-more-productive/
Gold Coast couple loses $250,000 house deposit in ‘spear phishing’ scam – 28 December 2024
The Robinsons were likely victims of what’s called a “spear phishing” attack — a personalised impersonation scam where scammers gain access to emails or text messages and impersonate someone, to make their victims believe they are communicating with people they know and trust. They lost $252, 0000 during the purchase of a property.
https://www.abc.net.au/news/2024-12-28/couple-loses-more-than-250000-to-house-deposit-scam/104730344
Australia’s Four Major Banks Take Action Against Thousands of Suspected Mule Accounts – 29 December 2024
Australia’s “Big Four” banks are doubling down on the fight against financial crime, deploying cutting-edge technology to detect and dismantle networks of mule accounts. One key tool in this effort is BioCatch, an “interbank, behavior- and device-based fraud and scams intelligence-sharing network,” which revealed its list of Australian bank users last month. The ongoing use of advanced technologies is proving crucial in the fight against financial crime, with the Big Four banks making strides in protecting customers and closing loopholes used by fraudsters.
New transparency law aims to deter multinational tax avoidance – 31 December 2024
In the final sitting week of parliament in 2024, the Albanese government managed to pass one of the world’s strictest tax disclosure laws for multinational companies. Known as public country-by-country reporting (CBCR), it will be able to determine if genuine business operations align with where profits are booked, and taxes are paid. It will basically out the multinational corporations that fail to meet their corporate tax obligations, by shifting profits to once notorious tax haven jurisdictions.
Adelaide baseball club on brink of collapse after scammers steal $22,000 – 2 January 2025
A baseball club in Adelaide’s Eastern Suburbs is on the brink of collapse after it was scammed out of tens of thousands of dollars. A volunteer allowed remote access to his computer, unknowingly granting the scammer control. The scammers then siphoned $22,000 from the club’s bank account and even drained the volunteer’s personal savings.
https://www.9news.com.au/national/adelaide-baseball-club-scam/dcaa6a45-a1e0-44b1-baa2-14cc286003b0
How Young Australians are being scammed by their trust in social media – 3 January 2025
Reports show that Generation Z and Millennials lose millions every year to scammers lurking on social media. The scams range from ‘too good to be true’ marketplace deals to dodgy influencers promising wealth, health, or eternal happiness for the price of a few clicks. In 2023 alone, Australians under 25 reported over $5 million in losses, and that’s just what people were willing to admit.
Bet365 awaits AUSTRAC investigation, results up for 23/24 financial year – 7 January 2025
Britain’s bet365 says that it still doesn’t know the outcome of the Australian financial watchdog’s investigation into potential breaches of the country’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. Authorities required the external auditor after suspecting that the company had contravened legislation regarding customer due diligence and AML programming.
Investigation into Met Police’s handling of some Mohamed al Fayed allegations – 8 January 2025
An investigation has been launched into whether there were “any missed opportunities or failures” in the Metropolitan Police’s handling of some allegations against Mohamed Al Fayed. Al Fayed has been accused of widespread abuse of female staff while he owned the Harrods department store.
https://news.sky.com/story/investigation-into-mets-handling-of-some-al-fayed-allegations-13285371
Four Greek men face drug trafficking charges in Australia: $34 million meth bust under investigation – 9 January 2025
Significant public and media interest surrounds the case of four Greek men accused of trafficking methamphetamine worth $34 million into Australia. The defendants are scheduled to appear in court on February 20, as Australian authorities continue their investigation into this high-profile drug bust.
Former Chapel St club boss left short by US dirty-money prob – 10 January 2025
The one-time boss of a Chapel St nightclub has had a second business put into liquidation amid tens of thousands of dollars in unpaid debts and a money laundering investigation in the US.
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How to fight financial crime in a bold new era of risk – 10 January 2025
In today’s rapidly evolving world, where revolutionary technologies and global connectivity are transforming financial systems, the fight against financial crime is now pivotal to growth and success. Business needs to prioritize robust compliance measures, foster a culture of integrity and harness technology specifically tailored to mitigate today’s growing risk landscape. This article explores six prominent trends expected to shift the model of disrupting financial crime compliance over the next five to 10 years and the key actions organisations can take to better combat financial crime.
https://kpmg.com/th/en/home/insights/2025/01/a-paradigm-shift-in-financial-crime.html
