An alleged dirty money mule has been sprung with bundles of cash stashed in supermarket bags after suspicious international transfers triggered alarms.
The man, 40, was charged over alleged involvement in a transnational criminal accountant network on Wednesday, following raids in Sydney's inner west.
The network is suspected of laundering more than $123 million for several organised crime syndicates.
Australian Federal Police Detective Superintendent Peter Fogarty said criminal groups relied on launderers.
“Organised crime groups rely on money laundering networks to conceal their profits, move funds across borders and reinvest in further criminal activity,” he said.
Officers from the AFP and AUSTRAC - Australia's money-laundering watchdog - on Tuesday searched homes in Strathfield and Burwood.
There, they seized an estimated $750,000 in cash in two Coles cooler bags at one of the properties, as well as a cash-counting machine.
Multiple luxury handbags, watches and electronics devices were also seized for further testing.
The man allegedly controlled shell company bank accounts used to transfer millions of dirty dollars.
"The AFP will allege the Sydney man controlled shell company bank accounts used to transfer millions of dollars in criminal proceeds, which were converted into cryptocurrency or remitted overseas," the AFP said in a statement.
Corporate cash mules cleaned money by passing it through cryptocurrency or offshore shell companies, police alleged.
The man will face a bail court charged with one count of reckless dealings with the proceeds of crime worth more than $10m.
He was charged with one further count of recklessly dealing with criminal proceeds worth $100,000 or more.
Det Supt Fogarty said the arrest should "serve as a warning".
"To anyone providing financial services to organised crime, you are an essential part of the criminal business model," he said.
The man appeared before a court on Wednesday where he did not apply for bail.
His matter will return to court on December 23.
