AML stage 2 starts: case studies and privacy issues

To coincide with AML stage 2 which starts on 12 December, Austrac has released its Typologies and Case Studies Report 2007 which identifies some key money-laundering methodologies and gives 51 case studies, highlighting:

  • what crime or civil proceeding was involved
  • the type of customer involved in perpetration of the offence
  • the industry category through which transactional activity was conducted
  • the specific method through which the offenders perpetrated transactional activity
  • the location through which the transactional activity was facilitated
  • the specific designated service
  • the red flag activity contained within each case example.

The Privacy Commissioner, Karen Curtis, has reminded businesses to
carefully consider their privacy obligations when collecting personal
information for AML/CTF purposes.(More)

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