This Is The Unusual Money Laundering Method Of ‘Cuckoo Smurfing’


August 3 2017

Commonwealth Bank Australia was accused of 53,700 breaches of money laundering laws by Australia’s financial intelligence and regulatory agency, AUSTRAC, on Thursday — that much you’ve probably already heard. ¬†AUSTRAC alleges Commbank seriously and systematically breached compliance of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws using a technique known as “cuckoo smurfing”. ¬†Yes that’s an actual name for an actual money laundering method and it’s as unusual and sophisticated as it seems. So what is it exactly and how does it work?