It’s getting easier to move money online, which is good for legitimate businesses — but also for those with crooked intentions.
In Australia, the financial crimes agency AUSTRAC is dedicated to detecting and disrupting money laundering.
It’s latest high profile case has embroiled the Commonwealth Bank which now faces millions, maybe even billions, of dollars in fines for repeatedly breaching anti-money laundering and counter-terrorism financing laws.
But, new technologies like crypto currencies, peer to peer transfers and even music gift vouchers — are making it increasingly difficult to detect and stop suspicious activity.
For more, Fran Kelly is joined by RN Breakfast‘s Technology Editor, Peter Marks.