Just before Christmas, the Australian Criminal Intelligence Commission (ACIC) released an important report. The ‘Serious Financial Crime in Australia 2017’ report is a summary of trends and statistics based on current and concluded investigations throughout the year[i]. This year’s report identified key financial crime enablers, these are:
These existing and emerging financial crime threats are affecting the Australian community. Let’s explore 2 enablers in more detail.
Serious financial crime key enabler #1 – Technology
While technology has made it a lot easier to process transactions, conduct research and make legitimate business dealings, it’s also been a boon for criminals. In fact, law enforcers say that technology now enables most financial crime in some form or another. Virtual currencies and encrypted transaction platforms are the big players. But that’s not where it ends. The obvious lesson here is to follow existing procedures when it comes to planning and conducting transactions. What you might not be aware of is how criminals are targeting ICT professionals and exploiting their abilities to gain access to information and funds. Long story short – keep your IT guy/s (and gals) close, and keep them safe from third party exploitation.
Serious financial crime key enabler #2 – Illegal phoenix activity
This example can affect any Aussie business – not just reporting entities. Basically, it’s when a business is liquidated to get out of paying debts, including taxes, creditors, and employees. But it’s not a legitimate liquidation – the same directors and managers simply start up an identical operation under a new corporate name.
The simplest lesson you can take away from this is to look at the trading history of potential suppliers, creditors and contractors. Be careful who you deal with. If you need help looking in to a new potential business partner, know where to turn for help and official data.
Staying ahead of the bad guys
Knowing what’s happening in the real world every day is one thing. Knowing how to stay one step ahead of the bad guys is something else altogether. Upon releasing the report, ACIC CEO Michael Phelan pointed out that these crimes
“are committed by sophisticated individuals and groups exploiting systemic vulnerabilities” Source: ACIC Media Release
So it’s important to reduce these vulnerabilities as far as possible in your organisation. This could mean a major policy change, or a quick agile rollout of training amongst key staff, or something in between.
If you’re in the market for an efficient training solution to help guard against these enablers, we can help. Check out FinancialCrimes101’s full range of titles today, and get in touch to discuss what we can do for your team.
Whether you’re a frontline customer service officer, a middle manager, or an exec, it’s good to be on top (or ahead) of your responsibility to help fight financial crime.