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)