Aussie Cybercrims Using Express Deposit Boxes To Launder Money
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Serious organised crime groups – SOCGs to the cognoscenti – in Australia are increasingly using business express deposit boxes and Internet banking for money laundering, according to a new report from Austrac, the Australian Transaction Reports and Analysis Centre.

SOCG members have made 200 cash deposits totalling more than A$11 million in the past 10 months., Austrac says,

It says the practice involves using third parties, including foreign students, to open bank accounts with Internet banking facilities. The third party then hands over the account details and password to the crime group, Austrac says.

SOCG members stash illicit cash in the accounts via express deposit boxes, so the ID of the person making the deposit is not available to be reported to Austrac.

The illicit funds are then transferred offshore using Internet banking.

Austrac says a number of Australian businesses including banks, casinos, remitters and foreign exchange providers have submitted Suspicious Matter Reports (SMRs) and threshold transaction reports (TTRs) to Austrac.