Recent case studies have shown that launderers operating from overseas have developed new, sophisticated laundering typologies in response to COVID-19 that can circumvent the tougher compliance culture across Australia\u2019s banks.<\/p>\n\n\n\n
The major civil enforcement actions from Australia\u2019s anti money laundering (AML) agency have triggered an uplift in financial crime compliance investment and capability across the banking sector. This hardening of the financial system among the regulated population has driven sophisticated financial criminals to exploit unregulated professions that act as a \u201cbackdoor\u201d, or gateway, into the legitimate economy.<\/p>\n\n\n\n
International crime groups have identified Australia\u2019s lack of regulation for designated non-financial businesses and professions (DNFBPs) as a major vulnerability that provides an opportunity for them to launder criminal funds.<\/p>\n\n\n\n
To find out the key developments, complete the form to download the<\/strong> article<\/strong>.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" International money launderers are exploiting Australia\u2019s continuing failure to pass \u201cTranche 2\u201d laws, which has allowed them to defeat banks\u2019 anti-crime controls<\/p>\n","protected":false},"author":97,"featured_media":0,"template":"","categories":[694,647,625],"tags":[871,872,873],"resource_type":[638],"insight_job_role":[674],"insight_practice_area":[785],"class_list":["entry","author-nathanlynch","has-excerpt","post-856","insight_resource","type-insight_resource","status-publish","category-anti-money-laundering","category-legal-research","category-research-and-know-how","tag-anti-crime-laws","tag-dnfbp","tag-money-launderers","resource_type-whitepaper","insight_job_role-principal","insight_practice_area-commercial-real-estate","hentry"],"acf":[],"yoast_head":"\n