AUSTRAC works closely with our partner agencies to help fight money laundering and other crimes. One of the many taskforces we’re involved in is the Serious Financial Crime Taskforce (SFCT), led by the Australian Taxation Office.
We are enhancing AUSTRAC Online to make it easier for you and your business to engage with us. We will be replacing AUSTRAC’s current online interface with a modern, user-friendly platform, enhancing our ability to process the high volumes and varied types of data reported daily by obligated businesses.
Today the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 into Parliament. The Bill and its explanatory materials are available on the Parliament of Australia website.
Picture this: You’re a financial services provider who has observed a sudden escalation in payments by a client to an overseas account.
A new financial crime guide can help businesses understand and identify criminal networks seeking to exploit vulnerable foreign students to launder money, using them as so-called ‘money mules’.
The guide has been developed by Fintel Alliance in partnership with the Australian Federal Police and Australian Border Force.
The RegTech Symposium was held in Melbourne on May 7, and saw more than 60 RegTechs and reporting entities in attendance.
Co-hosted by AUSTRAC and the RegTech Association, attendees heard from experts on a range of topics including the importance of transaction monitoring programs and quality reporting, and how they contribute to financial intelligence outcomes.
The second round of public consultation on proposed reforms to the anti-money laundering and counter-terrorism financing (AML/CTF) regime has drawn to a close.
The consultation sought feedback on proposed legislative changes affecting current reporting entities as well as certain higher-risk services provided by professional service providers (tranche-two entities).
Australia has a strong anti-money laundering and counter-terrorism financing (AML/CTF) regime. However, the risks we face are always evolving as criminals find new methods to evade the law.
The Reporting Entity System Transformation (REST) Program will replace the current AUSTRAC Online interface with a modern and user-friendly platform. This will improve AUSTRAC’s ability to process the significant volumes and types of data that you and other regulated entities provide to us on a daily basis.
It’s no secret that transnational and serious organised crime groups are flexible, adaptable and can be hard to detect when laundering money or moving funds to finance terrorism.
Combating this threat requires a multilateral and collaborative response to keep pace, break down silos and prevent duplicating intelligence efforts.