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Catch up on the latest ML/TF risk assessments

27 September 2021

AUSTRAC’s rolling risk assessment program examines current money laundering and terrorism financing (ML/TF) threats and vulnerabilities in specific parts of Australia’s financial sector.

AUSTRAC’s risk assessments are an important resource for reporting entities to understand their risk environments, help refine internal controls and better meet reporting obligations – particularly in relation to suspicious matter reporting.

The non-bank lending and financing sector risk assessment was released earlier in the year, while a risk assessment of junket tour operations in Australia was released in December 2020.

The junket tour operations risk assessment is the first in a series of risk assessments to be delivered as part of an externally-funded program of ML/TF risk assessments. In September 2018, Australia’s former Minister for Home Affairs announced nearly $5.2 million in funding to AUSTRAC to work with industry partners on additional targeted national ML/TF risk assessments for Australia’s largest financial sectors—the banking, remittance and gambling sectors.

Bringing together insights from industry with intelligence from AUSTRAC and our partner agencies, these risk assessments have been developed to assist these sectors to identify, understand and disrupt serious criminal activity targeting Australia’s financial system.

On Monday 6 September 2021, AUSTRAC released four new banking risk assessments, which examine the threats criminals pose to major banks, other domestic banks, foreign subsidiary banks and foreign bank branches operating in Australia. There’s also a key findings overview that shows how ML/TF risk is distributed across Australia’s banking sector.

Upcoming risk assessments due for release in the next 12-18 months will focus on remittance network providers and their affiliates, independent remittance providers, Australian casinos and the bullion sector.

View published risk assessments on our website.