AUSTRAC’s 2013 typologies report includes 23 real-life case studies showing how legitimate services offered by Australian businesses have been exploited for criminal purposes, including for drug trafficking, child exploitation, fraud and tax evasion.
The list below features some of the major indicators to identify potential money laundering or terrorism financing activity which appear within the case studies of the report:
• A group of individuals undertaking large structured foreign exchange transactions on multiple occasions
• A large number of individuals conducting domestic electronic transfers and direct deposits to linked company bank accounts
• Account activity inconsistent with customer profile
• Customer receives international funds transfers declared as loans from a foreign lender
• Customer undertakes consistent high-volume gaming chip ‘cash outs’ which are claimed to be winnings, an activity that appears unlikely given the comparatively low amounts of funds withdrawn by the customer for gaming purposes
• High-value cash deposits to pay for international funds transfers
• High-volume account activity involving significant amounts of cash funds
• High volume of cheques cashed
• International funds transfers to a high-risk jurisdiction
• Large cash deposits into an online betting account
• Multiple customers conducting international funds transfers to the same overseas beneficiary
• Multiple customers conducting international funds transfers under the guidance or instruction of another individual (i.e. use of ‘third parties’)
• Outgoing funds transfers sent to overseas entities matched by incoming funds transfers, in similar amounts, from different entities located in the same countries
• Opening and use of business accounts to transfer funds to Australian and offshore casinos
• Regular or multiple cash deposits below the AUD10,000 reporting threshold (i.e. structured cash deposits)
• Sudden increase in purchase of properties inconsistent with customer’s established transaction/wealth profile
• Third-party cash deposits made at branches distant from the branch at which the account is held
• Third-party cash deposits made by unidentifiable persons or by evasive customers with incomplete identification
• Use of multiple large cash payments for mortgage payments.
