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The regulator that delivered $2b in two years – The Australian Financial Review

The anti-money laundering regulator, AUSTRAC, has delivered $2 billion to the Australian government in the past two years, paying for itself more than 10 times over.

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Indeed, both the Commonwealth Bank matter (failure to send 50,000 transaction reports to the regulator) and the Westpac case (a missing 23 million transaction reports, including 262 from potential paedophiles) were brought to AUSTRAC’s attention via breach notices initially sent to the regulator by the banks in question.
The law is so comprehensive, in requiring financial organisations ensure their businesses are continually sending information to regulators while guarding against developments …

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