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AUSTRAC's purpose is to protect the integrity of Australia's financial system and contribute to the administration of justice through our expertise in countering money laundering and the financing of terrorism.
AUSTRAC's role
AUSTRAC operates with two important roles:
- AUSTRAC oversees the compliance of Australian businesses, defined as 'reporting entities', with their requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and theFinancial Transaction Reports Act 1988.
These requirements include: implementing programs for identifying and monitoring customers and for managing the risks of money laundering and terrorism financing; reporting suspicious matters, threshold transactions and international funds transfer instructions; and submitting an annual compliance report.
AML/CTF Act obligations
- In its intelligence role, AUSTRAC provides financial information to state, territory and Australian law enforcement, security, social justice and revenue agencies, and certain international counterparts.
The intelligence provided has been analysed by highly qualified AUSTRAC personnel who use sophisticated tools to identify information that can assist AUSTRAC's partner agencies to investigate and prosecute criminal and terrorist enterprises in Australia and overseas.
AUSTRAC intelligence
01-MAR-2010
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21-JAN-2009
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