Improving money laundering and fraud detection: Lessons learned from South Australian Police’s Operation ‘Profiteer’
Darren Crowhurst, Detective Brevet Sergeant, Major Fraud Investigation Section (156) was the lead Detective on ‘Operation Profiteer’, an investigation conducted in 2016 by the SA Police – Major Fraud Investigation Section into money laundering. The investigation identified 43 scam/fraud victims worldwide, and resulted in the arrest of an offender for over 600 counts of money laundering totaling nearly 700,000 dollars.
Based on his experience during the investigation, in this article Darren shares the key detection methods and red flags that led to the identification and arrest of a South Australian criminal, and the lessons organisations in the financial services sector can learn from the investigation to strengthen their own AML programs.
In this interview, Graham Leney, Head of Group Financial Crime Compliance at AMP explores AMP’s approach to identifying crime and corruption and how new technologies can aid in the prevention of money laundering, fraud and corruption.
This article explores 7 key focus areas banks and other financial organisations can consider to establish and maintain robust and integrated AML and CTF programs.
Read this article to learn more from leading experts from ANZ, Kiwibank, AMP, AIG, QSuper and Darren who share insight into the key strategies which can be used to better detect and manage financial crime.
This paper sets forth five key areas that compliance officers should consider as they assess and prioritize investments to pave the foundation for their future financial crimes programs.
- Culture of compliance
- Data and technology infrastructure
- Regulatory change management
- Staffing model and digital labor
In order to overcome these problems and prevent them from occurring in the first place, local governments need to employ closer monitoring, greater compliance with governance frameworks, and embed an organisational wide culture that encourages employees to raise concerns and assures their protection in this occurrence.
With this in mind, ahead of the Australian Financial Crime Summit 2019, we caught up with Alan MacSporran, QC Chairperson at the Crime and Corruption Commission Queensland. Alan outlines strategies and best practice for local governments to follow as a means of reducing internal misconduct.
The AFP is continuing to crack down on money laundering offences between China and Australia, with Acting National Manager Organised Crime, Commander Bruce Hill stating, “Our message to people thinking about laundering proceeds of crime in Australia is clear - your money and assets are not hidden from the AFP and our international partners. We will catch you.”Ahead of the Australian Financial Crime Summit 2019, we caught up with David Cope, Head of Financial Crime Compliance at Goldman Sachs Asia Pacific about how to effectively manage risk and threats in this space.
Financial crime is a continually evolving challenge for all businesses. This article, authored by Chris Noble, Lisa Dobbin, and Oliver May at Deloitte discusses how effective management of financial crime can give an organisation the edge and was originally published by Deloitte in February 2019.
To view more insights, click here.