AUSTRAC continues work to develop a modernised AUSTRAC Online through its Reporting Entity System Transformation (REST) program.
This year we have been continuing to support reporting entities (REs) impacted by changes to SWIFT messaging by:
Earlier this year, the Australian Government imposed sanctions on a range of individuals, companies, organisations and officials supporting Russia’s invasion of Ukraine.
Changes to the way you report cross-border movement of monetary instruments of AUD10,000 or more (or foreign currency equivalent) to AUSTRAC took effect on 17 June 2022. The changes to CBM reporting are a result of reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 passed in 2020.
In March 2022, AUSTRAC embarked on a national educational campaign to help pubs and clubs stop criminals laundering proceeds of crime through electronic gaming machines.
The main purpose of the campaign is to ensure pubs and clubs are sufficiently supported to comply with their anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
AUSTRAC has released updated guidance on reporting threshold transaction reports (TTRs) when a customer conducts multiple cash transactions, following industry consultation on the draft guidance released in November 2021.
New financial crime guides will help your business to identify and stop criminal activity. These guides provide you with patterns and indicators to understand, identify and report suspicious financial activity for a range of serious and organised crimes.
Thank you to Scott, Kieran and ACAMS for the invitation to be here today.
The AUSTRAC-led Fintel Alliance has been awarded the Best Collaboration of the Year Award by the International Compliance Association (ICA). The award recognises the collaborative efforts of the Fintel Alliance to identify and disrupt organised crime syndicates using automatic teller machines (ATMs) to launder the proceeds of crime.
Thank you to FINSIA for the invitation to be here today.
As many of you may know, AUSTRAC has a slightly different focus than that of my Treasury portfolio colleagues. Located within the Home Affairs portfolio, we tend to view our work through a law enforcement and national security lens, as opposed to the more traditional economic focus.
AUSTRAC has accepted an enforceable undertaking from National Australia Bank (NAB) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
The action follows an AUSTRAC enforcement investigation which identified concerns about NAB’s AML/CTF program, systems and controls.