Australia’s money laundering, terrorism and proliferation financing risks are becoming more complex and interconnected, driven by technology, globalisation and the growing overlap between legitimate and illicit activity, AUSTRAC says.
AUSTRAC has launched two targeted supervisory campaigns into Australia’s virtual assets sector, as landmark Australian anti-money laundering reforms reshape how virtual asset businesses are regulated.
We have completed 2 separate supervisory campaigns targeting different parts of the foreign-owned banking sector. These campaigns showed that weaknesses in controls and reporting are creating opportunities for criminals to exploit Australia’s financial system.
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.