Banks have taken decisive action to disrupt the financial flows underpinning Australia’s illicit tobacco trade, strengthening oversight to more effectively cut off criminal cash flows.
Australia’s illicit tobacco market presents a serious organised financial crime problem, generating significant criminal profits and driving violence, tax evasion and community harm.
AUSTRAC has directed payment platform, MHITS Limited, to appoint an external auditor to assess whether it is meeting its anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
The appointment follows further supervisory work in relation to last year’s payment platforms campaign, where AUSTRAC directed WorldRemit and Airwallex to appoint an auditor and issued letters of concern to four other payment platforms, asking them to address serious deficiencies identified during the campaign.
Australia’s anti‑money laundering and counter‑terrorism financing (AML/CTF) laws have expanded, strengthening safeguards to make it significantly harder for criminals to launder money through crypto and other virtual assets.
The reforms introduce greater oversight of businesses operating in the virtual asset sector, which AUSTRAC continues to identify as a high money‑laundering risk.
AUSTRAC is implementing the next phase of the Australian Government’s landmark anti‑money laundering reforms, opening enrolment for new professions.
From today, 31 March, businesses - including lawyers, accountants, conveyancers, real estate professionals, and dealers in precious stones and metals - can enrol at AUSTRAC online.
This reform milestone brings AUSTRAC another step closer to 1 July when the new sectors come under its AML/CTF regime.
AUSTRAC has published guidance on its new compulsory examination powers, setting clear expectations for businesses and individuals about when and how the powers will be applied.
The new section 172A powers were introduced in 2025 with the passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act).
Section 172A notices require a person to attend an examination, answer questions and provide documents.
AUSTRAC has released its anti-money laundering program starter kits (kits), designed specifically to help small businesses in newly regulated sectors to meet their compliance obligations and manage ML/TF risks, while also reducing the time and cost of compliance.
Fintel Alliance and AUSTRAC subject matter experts completed three intensive ‘days of action’ focused on identifying individuals suspected of purchasing explicit material.
The analyst group consisted of seven Fintel Alliance bank members and one non-member bank. They were guided by AUSTRAC’s Child Sexual Exploitation Response Team’s (CSERT) subject matter experts and used their combined collection and analytical capabilities to conduct a joint analysis of transactional data that uncovered suspicious payments to vulnerable minors.
AUSTRAC has ordered the appointment of an external auditor to assess whether payment platform, Airwallex Designated Business Group (Airwallex DBG), is meeting its anti-money laundering and counter-terrorism financing (AML/CTF) obligations, following concerns about potential non-compliance.
AUSTRAC Chief Executive Officer, Brendan Thomas, said external audits are a critical regulatory tool to assess serious compliance concerns and to protect the financial system from criminal exploitation.
APRA and AUSTRAC have both announced actions to address weaknesses in Bendigo and Adelaide Bank’s (Bendigo Bank) money laundering risk management, non‑financial risk management practices and risk culture.
It follows the findings of an independent review undertaken by Deloitte into suspected money laundering at a Bendigo Bank branch, which the bank reported to AUSTRAC. This independent review found significant deficiencies with Bendigo Bank’s approach to the identification, mitigation and management of money laundering and terrorism financing risk.
AUSTRAC has refused to renew the registration of Yellow Sands Trading Pty Ltd, an independent remitter trading as Raiyyan Exchange.
Raiyyan Exchange is no longer permitted to provide money transfer services in Australia.
In exercising its regulatory functions, AUSTRAC identified serious deficiencies in Raiyyan Exchange’s ability to understand, manage, and mitigate its money laundering and terrorism financing risks.
AUSTRAC worked closely with the New South Wales Police Force in forming this view.