AUSTRAC targets financial crime vulnerabilities in foreign-owned banks

AUSTRAC CEO Brendan Thomas said the foreign bank branches campaign found an entrenched view among many branches that their businesses are low risk for money laundering. 

“Although some parts of these businesses may constitute lower levels of risk, many of them have exposure to higher risks areas as well,” Mr Thomas said. 

This includes providing services to foreign politically exposed persons (PEPs) and relatives and associates of foreign PEPs, domestic and foreign private companies, trusts and foundations, as well as high net wealth individuals. 

“Low reporting doesn’t mean low risk – it means blind spots criminals can exploit.

“If you’re moving money globally, you’re exposed to global crime risk.”

Read the full piece here - https://www.austrac.gov.au/austrac-targets-financial-crime-vulnerabilities-foreign-owned-banks