Original article by Sam Buckingham-Jones
The Australian – Page: 5 : 13-Jul-17

AUSTRAC has concluded that Australian financial services providers such as banks should be doing more to identify and report financial transactions that may involve money laundering or terrorism financing. It contends that front-line staff in particular have a key role in identifying such activity, but they may not be doing so as they have a focus on client retention. AUSTRAC noted that 60 per cent of trading and ­settling organisations failed to report any suspicious activity in the two years to March 2016.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE