We have recently announced that Optus is the first company to provide partial CCR account data to credit bureaus.

As partial CCR data does not include a customer’s repayment history, its important credit providers understand how to interpret the data.

In light of this, we would like to explain exactly what this data represents and how it…

The world’s foreign exchange market is one of the most traded financial markets, with an average turnover of a staggering $6.6 trillion per day.

Within that market, the Australian dollar has a significant share of traded currencies, and is increasingly susceptible to fraud, AML/CTF and compliance risks.

Today, more than ever, the demand for faster and easier…

AUSTRAC has released a risk assessment of the Non-Bank Lending and Financing sector (NBLFs).

This insightful report has confirmed AUSTRAC’s overall assessment of the money laundering and terrorism funding risk for NBLFs as medium, however specific risks that need to be considered are identified.

The main threat faced by NBLFs is fraud, particularly loan application fraud, identity…

For more than half a century, the United Nations Universal Declaration of Human Rights and other widely endorsed conventions have established a global framework for promoting respect for human rights.

Despite these worthy initiatives, the ability to deter human rights violations and enforce international accountability for those responsible for such abuses, have proven to be significant…

New reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act have now come into effect.
According to AUSTRAC, the reforms aim to streamline compliance and help protect business from money laundering, terrorism financing and other serious crimes. Customer identification procedures are a key feature of the changes.

These include:

New circumstances in which reporting entities may rely…