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​AUSTRAC report highlights fraud threat against superannuation sector

( October 31, 2016, 04:53 GMT | Official Statement) -- MLex Summary: The Australian Transaction Reports and Analysis Centre’s new assessment of the money laundering and terrorism financing risks in the country’s trillion-dollar superannuation industry reveals that fraud is the most commonly identified crime affecting super funds. Cybercrime was identified as a key growing threat, with some super funds seeing almost daily attempts to hack accounts for information or to access funds. A range of other suspicious matters, including potential tax evasion, unusual account activity, unusually large transfers and unauthorized account transactions were also reported. Terrorism financing is a limited but emerging threat.The regulator's full statement follows and the full report is attached. ...

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