Your suspicious matter reports (SMRs) play a critical role in helping AUSTRAC and our law enforcement partners to identify and stop criminal behaviour. In early 2022, based on SMRs from a digital currency exchange, we collated and assessed intelligence to identify an individual with indirect exposure to darknet markets.
The Financial Action Task Force (FATF) monitors countries on their effective implementation of the FATF standards through a process known as a “mutual evaluation”. During the evaluation, Australia is required to demonstrate its understanding of money laundering and terrorism financing risks, and the necessary frameworks in place to address those risks effectively.
AUSTRAC has released two new anti-money laundering and counter-terrorism financing (AML/CTF) e-learning modules.
These modules are aimed at all businesses regulated by AUSTRAC, and focus on:
- conducting enhanced customer due diligence (ECDD)
- submitting suspicious matter reports (SMRs).
They will help you to better understand:
AUSTRAC has released new guidance on debanking that is designed to:
Our updated website is now live! This website has a fresh modern look-and-feel with an improved structure that will make finding the resources you need faster and easier.
What has changed
Some improvements you will see include:
The first round of public consultation on proposed reforms to the current anti-money laundering and counter-terrorism financing regime has drawn to a close.
The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
On Tuesday 27 June we will be launching an updated AUSTRAC website. The website will have a fresh and contemporary look and a new information structure that will make it easier for you to find what you need.
Website improvements
Some improvements you will see include:
AUSTRAC has accepted an Enforceable Undertaking from the Bank of Queensland Limited (BoQ) to improve its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action follows a compliance inspection by AUSTRAC which identified concerns relating to the adequacy of BoQ’s AML/CTF systems and controls.
Crown Melbourne and Crown Perth (together Crown) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).