Businesses and individuals bound by the tipping off offence must now consider whether a disclosure could be expected to prejudice an investigation, under changes to the AML/CTF laws that came into force today.
The changes to the offence, which carries a maximum penalty of around $39,000 or up to 2 years in prison, are now focussed on the harms that could flow from a disclosure.
Thank you for the invitation to speak to you today, here on Gadigal land.
If there are any elders present, I extend my respects to you. I acknowledge the traditional owners of the land and their unbroken connection to country.
I also acknowledge past and future leaders. As a Wiradjuri man I am proud to be living purposefully, serving the Australian community.
The Financial Action Task Force (FATF), the global group that sets international anti-money laundering, counter-terrorism financing and counter-proliferation financing (AML/CTF/CPF) standards, has published two recent updates relating to international money laundering, terrorism financing and proliferation financing (ML/TF/PF) risk.
Public trust in the Australian Government’s use of artificial intelligence (AI) is essential. AUSTRAC is committed to ensuring our use of AI is:
An AUSTRAC intelligence report has assisted the arrest of a man who was subsequently charged with importing a commercial quantity of drugs.
AUSTRAC’s report enabled authorities to stop a Singaporean national who flew from Malaysia to Sydney on Thursday 20 February, who then abandoned two large suitcases containing 40kg kilos of meth and cocaine on a baggage carousel.
AUSTRAC recently took action against 13 remittance and digital currency exchange providers with more than 50 others still in its sights.
The anti-money laundering regulator is wrapping up a year-long blitz to target non-reporting and under reporting, issuing another round of alerts to the industry’s potentially non-compliant operators.
A scammer has recently tried impersonating an AUSTRAC official. They emailed members of the public, telling them AUSTRAC had sent documents on their behalf to transfer funds. They also asked them for some business documents.
Today, AUSTRAC commenced civil penalty proceedings in the Federal Court against Entain Group Pty Ltd (Entain), which operates online betting sites including Ladbrokes, Neds and other online betting brands. The proceedings allege serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
Watch Brendan's end of year message as he reflects on AUSTRAC's highlights and achievements from 2024.
In this video Brendan reflects on his time as the CEO of AUSTRAC, the opportunity to engage with many of our regulated entities, the AML/CTF reforms, and some of the agency's key achievements including:
The countdown is on for the 2024 compliance reporting period.
Every year, businesses that provide designated services must submit a compliance report to AUSTRAC. Your compliance report shows how you met your anti-money laundering and counter-terrorism financing (AML/CTF) obligations for the previous calendar year.