Have your say on draft debanking guidance

We are seeking your feedback on the new draft guidance on debanking by Wednesday 21 December 2022.

In recent years, some banks have limited or declined services to businesses operating in sectors they assess as having higher risks of money laundering and terrorism financing. This is known as ‘debanking’ or ‘derisking’ and can have a devastating impact on legitimate businesses who are impacted.

Some sectors commonly affected by debanking include but are not limited to:

  • Remitters
  • Digital currency exchanges
  • Financial technology businesses

About the draft guidance

We are seeking your feedback on new draft guidance on debanking which aims to:

  • help financial institutions understand AUSTRAC’s expectations when providing designated services to businesses they consider ‘higher-risk’.
  • encourage businesses in affected sectors can engage openly with financial institutions and provide the type of information they may request, to demonstrates the step they are taking to address risks within their particular business.

AUSTRAC continues to discourage the indiscriminate and widespread closure of accounts across entire industry sectors and encourages financial institutions to assess their customer’s financial crime risks on a case-by-case basis.

The draft guidance builds on and reinforces AUSTRAC’s statement on debanking issued last year.

How to submit your feedback

We welcome your feedback on the draft guidance. Email your submission to: Guidance_Consultation@austrac.gov.au by Wednesday 21 December 2022.

To read the draft guidance, visit our consultation page.