Financial crime is often hidden within otherwise legitimate activity, but the harm it enables is real. Serious and organised crime cost Australia more than $80 billion each year, equivalent to more than 3 per cent of Australia's annual GDP.
But the true cost cannot be measured in dollars alone. Money laundering and other financial crimes are not victimless. They help fund organised crime, facilitate fraud and child sexual exploitation, support terrorism and undermine confidence in markets, institutions and the rule of law.
For more than 35 years we have worked with businesses, government and law enforcement agencies to better identify, understand and respond to these threats. Businesses like yours are central to that effort. The information you collect and report can help reveal suspicious activity, identify criminal networks and generate intelligence that no single organisation could develop alone.
Following the money for more than 35 years
We began operating in February 1989 as the Cash Transaction Reports Agency. Our original role was to collect, analyse and share cash transaction report information to help taxation and law enforcement agencies.
The idea was simple. Serious crime often creates a financial trail. By combining information from businesses with other sources, we could identify suspicious activity and support investigations into money laundering, major crime and tax evasion.
Partnership was part of our model from the beginning. During our first months, we established advisory groups representing the cash dealers providing us with information and the government agencies using it. In 1992, we adopted the name Australian Transaction Reports and Analysis Centre, or AUSTRAC.
In 2006, our responsibilities expanded when the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 established a broader AML/CTF framework. This introduced risk-based obligations that required reporting entities to identify and manage their money laundering and terrorism financing risks and strengthened our regulatory role. By 2009, our regulated population had grown more than fourfold in 7 years and our intelligence-sharing network spanned 55 international counterparts, reflecting the global nature of financial crime.
In 2017, we established Fintel Alliance, bringing together businesses, AUSTRAC, law enforcement and other government agencies to share expertise and develop intelligence supporting serious crime and national security investigations.
Australia's AML/CTF regime is now entering a new chapter through the reforms passed in 2024 and implemented during 2026. Thousands of businesses in sectors such as real estate, conveyancing, legal services, accounting and precious metals and stones have joined the regime, expanding the national partnership against financial crime. As these businesses establish the systems and controls needed to meet their obligations, our regulatory priorities for 2026-27 focus on strengthening risk management, improving the quality of suspicious matter reporting and realising the benefits of the expanded regime.
While the threats, technologies and industries have changed significantly since 1989, our purpose remains the same. We generate financial intelligence, support regulated businesses to manage their money laundering risks and ensure they meet their obligations, and work with our partners to protect the Australian community.
What financial intelligence can achieve
Every day, we receive information from reporting entities across Australia. By combining that information with millions of other data points, we can identify vulnerabilities, uncover criminal networks and support investigations into serious crime.
Recent outcomes include:
- Protecting young people from sextortion: Under Operation Huntsman, we worked with partners to disrupt offshore sextortion networks and close more than 1,800 accounts linked to organised criminals.
- Identifying scam victims and money mules: Our Cryptocurrency Taskforce identified 90 scam victims, money mules and suspected offenders linked to crypto ATM activity.
- Following the money behind illicit tobacco: Financial intelligence helped identify more than $9 million in alleged criminal proceeds and disrupt organised crime networks linked to illicit tobacco and vape sales.
For more examples of how financial intelligence helps combat serious crime, view our news and media releases.
Holding businesses accountable
A strong AML/CTF regime relies on partnership and accountability. While we work closely with industry to support risk management and reporting, we also take enforcement action when serious failures leave businesses and the financial system vulnerable to criminal exploitation.
Significant outcomes include:
- Tabcorp (2017): $45 million penalty, then the largest civil penalty in Australian corporate history at the time.
- Commonwealth Bank (2018): $700 million penalty for serious AML/CTF contraventions, including failures involving more than 53,000 transaction reports.
- Westpac (2020): $1.3 billion penalty, which was Australia's largest AML/CTF enforcement outcome at the time.
- Crown Melbourne and Crown Perth (2023): $450 million penalty for significant AML/CTF breaches.
- SkyCity Adelaide (2024): $67 million penalty for serious and systemic AML/CTF non-compliance.
These actions send a clear message—your AML/CTF obligations matter. While we support businesses to understand and meet their obligations, we will not hesitate to take action where serious non-compliance exposes businesses and the financial system to criminal exploitation.
View more regulatory and enforcement outcomes on our enforcement actions taken page.
Why your role matters
Businesses like yours see customers, services and transactions that AUSTRAC and law enforcement can’t see directly. A customer interaction, transaction, property matter or pattern of behaviour may become an important piece of a broader intelligence picture.
Suspicious matter reports are particularly valuable. Combined with other data, they help build a clearer picture of criminal activity. High-quality, accurate and timely reports give us and our partners the best chance to detect, deter and disrupt criminal and terrorist activity.
Do your part by:
- understanding how the AML/CTF laws apply to your business
- assessing the money laundering, terrorism financing and proliferation financing risks associated with your customers and services
- developing and applying an AML/CTF program
- training your staff to identify and respond to risks and suspicious activity
- using our guidance, education resources and program starter kits
- submitting complete, accurate and timely reports when required.
These actions do more than meet regulatory requirements and your AML/CTF obligations. You may not see the full picture, but every report, risk assessment and suspicious activity identified helps detect, deter and disrupt financial crime. Together, we're helping protect Australians from the harm caused by financial crime.
Find out more
For more information you can view the following resources: