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AUSTRAC warning: NDIS funds spent on crypto, gambling, luxury goods – The Australian Financial Review
Banks were told to be proactive and report customers taking NDIS payments and making suspicious transactions.
The warning signs have been published in a financial crime guide produced in partnership with the National Disability Insurance Agency and a public-private partnership known as Fintel Alliance, which is headed by AUSTRAC and includes dozens of banks, regulators and law enforcement agencies.
In a sanitised case study, a registered NDIS provider opened 10 accounts with multiple banks over a three-month period with the same signatory. Shortly after being opened the accounts began to receive a high…
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