Barclays and Mega International censured for breeches of rules governing anti-money laundering in Australia
SYDNEY - Barclays and Chinese lender Mega International have been censured by Australia's anti-money laundering body, the Australian Transaction Reports and Analysis Centre (Austrac), for "significant breaches" of its rules on reporting suspicious transactions and account activity.
Austrac stated the banks' actions had left their services and the wider financial system vulnerable to potential abuse by criminals looking to launder the proceeds of crime or finance terrorism.
Barclays has undertaken to review all account transactions carried out since July 1, 2002 and will report any suspicious activity to Austrac. It will also have to submit information about any large fund transfers into or out of Australia.
Mega International has provided a similar guarantee to review transactions since January 2002, although the Australian Daily noted Austrac remains concerned the bank could still in breach of Australian law.
More on Regulation
Regulatory change provides opportunity for international firm's structuring skills
NCDEX finds itself in conflict with government clearing house proposals
Regulator set to focus on backtesting and replicability of index products
2015 rules promise oversight increase
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.