The Australian Government TRAC has released a risk assessment report “Money Laundering and Terrorism Financing Risk Assessment” (pdf). The key statistics on Store Value Cards or as the report “SVC”.
SVC’s or ‘Stored Value Cards’, allow money to be debited or payed into an electronic account and the used just like a VISA or other credit card, to purchase goods, particularly over internet retail services. The SVC’s are often bought through ‘on-selling’ of goods, buying and then quickly selling. The proceeds of the “on-sold” goods is then used to buy more SVC cards from which the PIN code is then sent to recipients who withdraw cash money from automatic teller machines or cash points.
This type of finance model which is used to supply Daesh, or “sponsor soldiers” has been a subject for previous reports such as the 2015 FATF Report (pdf)
And, 2012 report from the Australian Treasury (pdf).
The disruption and degradation of finances reaching Daesh will be a major factor towards the final depreciation of their existence. Without a cash flow Daesh will fall into anarchy and dissolve like splinter crystals in acid.
UPDATE – AUGUST – 3 – 2017
CBA risks massive fines over anti-money laundering, terrorism financing law breaches (ABC)
UPDATE – AUGUST – 7- 2017
“How smart ATMs and a coding error caused a massive mistake.” (ABC)
“The Commonwealth Bank is embroiled in a scandal that may have allowed terrorists and criminals to launder millions of dollars.
AUSTRAC, Australian’s financial spy agency, filed its case against the CBA last week, (Aug – 3- 2017), alleging it failed to report 53,506 transactions.
They are known as TTRs, or “threshold transaction reports”.
Basically, banks have to let AUSTRAC know within 10 business days if it processes a transaction of $10,000 or more.
So how did it happen?
The CBA says it all comes down to a “software error” in the bank’s smart ATMs.”
UPDATE – 10 August 2017 – FBI Says ISIS Used eBay to Send Terror Cash to U.S. (here)
UPDATE – 4 June 2018 – CBA fined $700 million
COMMONWEALTH Bank has agreed to pay $700 million and legal costs to resolve proceedings brought by AUSTRAC after admitting to breaching anti-money laundering and counter-terrorism laws.