The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regulator and specialist financial intelligence unit (FIU).
AUSTRAC was established under the Financial Transaction Reports Act 1988 (FTR Act) as a statutory authority within the Attorney-General's portfolio and is continued in existence by section 209 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC provides advice to the Minister for Home Affairs on the operations of the agency, the FTR Act and the AML/CTF Act.
Role and function
AUSTRAC's vision is to be seen as an essential partner in the global fight against crime.
AUSTRAC's purpose is to detect and counter money laundering and the financing of terrorism.
In its regulatory role, AUSTRAC oversees compliance with the reporting requirements of the AML/CTF Act and the FTR Act by a wide range of financial services providers, the gambling industry and other specified reporting entities and 'cash dealers.'
In its intelligence role, AUSTRAC provides financial transaction reports information to State, Territory and Australian law enforcement, security, social justice and revenue agencies, as well as certain international counterparts.
The information from these reports is retained, compiled, analysed and disseminated by highly qualified AUSTRAC personnel using sophisticated tools. In collecting financial transaction reports information and ensuring signatories to accounts are identified, AUSTRAC assists its partner agencies in the investigation and prosecution of criminal and terrorist enterprises in Australia and overseas.
