The major banks have taken steps to limit funds deposited into ATMs, as part of a project with Austrac to crack down on money laundering.

Austrac announced yesterday that a Fintel Alliance operation has disrupted a A$62 million money laundering syndicate in Melbourne. In a police operation, illegal firearms, illicit cash and drugs were seized from the syndicate.

Austrac said it started working with the major banks last year to target criminals laundering money through ATMs, and in February this year Victoria Police commenced an investigation using Austrac intelligence.

Syndicate members were depositing the proceeds of their activities in ATMs in Melbourne’s eastern suburbs.

Austrac said in a statement: “As a result of the success of this project the major banks have all taken steps to limit funds deposited through ATMs. These controls have significantly impacted the ability of serious and organised crime groups to launder criminal proceeds at ATMs.”

Banking Day contacted Austrac and the banks to get details of the limits that have been imposed but did not get any responses. Commonwealth Bank directed us to a page on its website where it says the daily cash deposit limit is $10,000 but it did not say whether this amount had been subject to change or, if it had, what the previous limit was.