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    Myths Vs Facts - Austrac

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    Narayan Prajapati
    This document contrasts myths and facts about money laundering through remittance service providers. It dispels myths such as the idea that regular customers or those from certain backgrounds cannot launder money. It also emphasizes facts such as how criminals can exploit relationships, launder funds in small transactions, and how reporting suspicious transactions helps authorities rather than getting customers in trouble. Complying with anti-money laundering obligations is required for any remittance service provider regardless of transaction volume.

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    Myths Vs Facts - Austrac

    Uploaded by

    Narayan Prajapati
    67 views1 page
    This document contrasts myths and facts about money laundering through remittance service providers. It dispels myths such as the idea that regular customers or those from certain backgrounds cannot launder money. It also emphasizes facts such as how criminals can exploit relationships, launder funds in small transactions, and how reporting suspicious transactions helps authorities rather than getting customers in trouble. Complying with anti-money laundering obligations is required for any remittance service provider regardless of transaction volume.

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    Myths vs Facts_Austrac

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    This document contrasts myths and facts about money laundering through remittance service providers. It dispels myths such as the idea that regular customers or those from certain backgrounds cannot launder money. It also emphasizes facts such as how criminals can exploit relationships, launder funds in small transactions, and how reporting suspicious transactions helps authorities rather than getting customers in trouble. Complying with anti-money laundering obligations is required for any remittance service provider regardless of transaction volume.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    67 views1 page

    Myths Vs Facts - Austrac

    Uploaded by

    Narayan Prajapati
    This document contrasts myths and facts about money laundering through remittance service providers. It dispels myths such as the idea that regular customers or those from certain backgrounds cannot launder money. It also emphasizes facts such as how criminals can exploit relationships, launder funds in small transactions, and how reporting suspicious transactions helps authorities rather than getting customers in trouble. Complying with anti-money laundering obligations is required for any remittance service provider regardless of transaction volume.

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    of 1

    MYTH VS FACT

    MONEY LAUNDERING THROUGH REMITTANCE SERVICE PROVIDERS

    MYTH FACT Remittance service providers must identify


    their money laundering risks and implement
    Remittance services are The risk of money laundering through a remittance service strategies to reduce the risk of money
    low risk for money laundering. is high. Understanding the risks your business faces laundering occurring.
    will help to reduce those risks.

    MYTH FACT To reduce the risk of existing customers laundering


    money, remittance service providers need to
    Regular customers known by staff Criminals may use the same provider if they think understand their customer transaction patterns,
    or those from my cultural background or they can take advantage of an established relationship. know the source of funds, and if appropriate,
    community are unlikely to be money launderers. question any changes in transaction behaviour.

    MYTH FACT Criminals undertaking illegal behaviour can come


    from a variety of cultural and social backgrounds.
    People who are well-off or in Money launderers and tax evaders may be high Illegal activities can appear legitimate, for
    steady employment are not income earners or have steady employment. example combining illegal funds with legitimate
    money launderers. funds in a remittance transaction.

    MYTH FACT
    By law, reports you provide are kept
    My customer will get into trouble Submitting an SMR does not mean your confidential by AUSTRAC and our
    if I submit an SMR to AUSTRAC. customer has committed a crime. partner agencies.

    MYTH FACT
    A remittance service provider must have
    If I submit SMRs often, AUSTRAC Submitting SMRs shows a remittance service provider has processes in place to ensure all suspicious
    will think I have a high risk business. a good understanding of the money laundering, terrorism activity is reported to AUSTRAC.
    financing and other serious crime risks of their business.

    MYTH FACT AUSTRAC and law enforcement agencies


    piece together information from a range of
    The reports I send to All reports received by AUSTRAC are important sources to identify criminal behaviour. Every
    AUSTRAC are not used. as they may contain a vital piece of information. piece of the puzzle helps to protect our
    community from serious crime.

    MYTH FACT Criminals may make multiple smaller


    transactions to avoid transaction reporting.
    Small value transactions Even small amounts can be used to fund serious By structuring payments, criminals can
    are not suspicious. crimes like terrorism and child exploitation. launder large sums of money using frequent
    smaller transactions.

    MYTH FACT If you do not comply with your obligations


    you are not only putting your business and
    I only provide remittance services Anyone providing a remittance service is required to community at risk, but you could also be
    occasionally, so I do not have to meet meet their AML/CTF obligations, no matter how many subject to penalties and enforcement actions.
    all the regulatory requirements. transactions they conduct for customers.

    contact@austrac.gov.au 1300 021 037 @AUSTRAC austrac.gov.au

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