AML /CFT - AUSTRAC reports on reports about accountant
Australian FIU AUSTRAC has taken the unusual step of releasing information about SARs before the case to which they relate has been brought before the Courts.
AUSTRAC says that some 40 SARs were filed in relation to the activities of an accountant who, it is alleged, fell for a Nigerian scam, ran out of money and then started committing her own frauds in order to raise money to keep sending to the scammers.
It is also alleged that she convinced other persons to send money to the scammers.
But the most startling aspect is not the facts of the case: it's that AUSTRAC has publicised it before the case has come to court.
While we are used to US authorities conducting trials by media, this is not something which is usual in Australia.
AUSTRAC says
The suspect sent funds to Nigeria using international funds transfer instructions (IFTIs) conducted through various money transfer agencies.
The transfer amounts varied considerably, but were generally in amounts of less than AUD10,000. The suspect sometimes travelled long distances from her home to conduct the funds transfers.
Over a three-year period, the suspect sent IFTIs worth approximately AUD900,000 to more than 100 different beneficiaries in several countries, with the majority of the transfers sent to Nigeria, Hong Kong, the United Kingdom and Singapore.
During this period, the suspect also made several significant cash withdrawals, worth AUD120,000.
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