There are a range of indicators to help you identify potential terrorism financing activity. They are often indistinguishable from money laundering indicators.
The presence of a single indicator may not necessarily raise a suspicion but could warrant further monitoring and examination. Multiple indicators are more likely to result in a suspicion being formed.
1. Structured cash deposits and withdrawals
Structured cash deposits and withdrawals, and international funds transfers to high-risk jurisdictions. These transactions may be conducted at multiple branches of the same reporting entity
2. Multiple customers transfers to one beneficiary
Multiple customers conducting international funds transfers to the same beneficiary located in a high-risk jurisdiction
3. Transfers to multiple beneficiaries
A customer conducting funds transfers to multiple beneficiaries located in the same high-risk jurisdiction
4. Suspicious personal information
A customer using incorrect spelling or providing variations on their name when conducting funds transfers to high-risk jurisdictions.
5. Mixing business and personal accounts
Transfer of funds between business accounts and personal accounts of business officeholders which is inconsistent with the type of account held and/or the expected transaction volume for the business
6. Large cash deposits
Large cash deposits and withdrawals to and from non-profit organisation accounts.
7. Suspicious business accounts
Operating a business account under a name that is the same as (or similar to) that used by listed entities in Australia and overseas
Find out how you can access online learning on anti-money laundering and counter terrorism financing now.
Sentrient provide an online AML and CTF course that enables a Reporting Entity to deliver robust training for its staff that has been legally endorsed and covers legislation for all states and territories in Australia.
For more information contact us on 1300 040 589 or visit our website at www.sentrient.com.au today.