Australian Transaction Reports and Analysis Centre (AUSTRAC) has released a new financial crime guide to warn businesses and their customers about the dangers of a money laundering typology known as ‘cuckoo smurfing’, which involves move proceeds of crime into legitimate bank accounts of individuals and businesses who are expecting genuine funds. Financial Institutions should take the time to read this guidance and update their Financial Crime Risk Management controls where necessary.

https://www.austrac.gov.au/sites/default/files/2021-06/AUSTRAC_FCG_CuckooSmurfing_web.pdf