Read the latest information on upcoming changes to AUSTRAC Online, how these changes may impact you and how you can get involved.
Reporting entities and industry participants are invited to attend a webinar focussing on important updates from the Reporting Entity System Transformation (REST) Program, including changes to AUSTRAC Online that will impact how reporting entities interact with us and fulfil their AML/CTF obligations.
Specifically we’ll be focussing on:
On 22 September 2022, a cyber-attack on Optus resulted in the disclosure of their customers’ personal information. Optus customer information including names, dates of birth, email addresses, driver’s licences, Medicare cards and passport numbers may have been exposed. While the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 does not apply to telecommunication service providers the disclosure of customer’s personal information may heighten money laundering, terrorism financing and crime risks for AUSTRAC regulated businesses.
The high intrinsic value of bullion allows it to be used by criminals to store and invest the proceeds of crime. Criminals target bullion dealers to launder illicit funds and evade taxes, and facilitate crimes including fraud, scams and drug trafficking. Similarly to legitimate investors, criminals may use gold as a hedge against inflation, currency risk, and a store of value during economic and political uncertainty.
The Reporting Entity System Transformation (REST) program has recently undertaken a series of workshops with participants of the Customer Advisory Group on the AUSTRAC Online user interface.
The workshops involved 67 participants, from 37 reporting entities from across 15 different industry groups who each provided feedback of their experience using AUSTRAC Online.
Financial crime guides are designed to help your business identify and stop criminal activity. These guides provide you with patterns and indicators to understand, identify and report suspicious financial activity for a range of serious and organised crimes.
Since May 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two virtual currency mixers in an effort to combat money laundering and terrorism financing.
The Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said, “Virtual currency mixers that assist illicit transactions pose a threat to U.S. national security interests. We are taking action against illicit financial activity by the DPRK and will not allow state-sponsored thievery and its money-laundering enablers to go unanswered.”
To combat money laundering, terrorism financing (ML/TF) and other serious financial crime a powerful global response is needed. That is why AUSTRAC is a member of several international organisations that work to combat the harm these criminals cause our community.
AUSTRAC has released three new risk assessments to help remittance service providers and bullion dealers understand the money laundering and terrorism financing (ML/TF) threats and vulnerabilities they face.
We’ve also released a threat update for the superannuation sector, to update the existing superannuation risk assessment and examine current threats faced by the sector.
AUSTRAC has released four anti-money laundering and counter-terrorism financing (AML/CTF) e-learning modules. The modules are designed for new reporting entities or those wanting to refresh their understanding of AML/CTF regulation and their compliance obligations.
The modules are: