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:
The issue of de-banking is a complex global problem. Over the past decade, the range of businesses impacted by a loss or limitation of access to banking services has expanded. Money transfer (remitters), digital currency exchanges, not-for-profit organisations (NPO) and financial technology (FinTech) businesses are disproportionally facing bank account closures.
AUSTRAC’s intelligence and regulatory functions work in parallel to protect Australians and our financial system from serious and organised crime.
Over the next four years the System Transformation Program will bring substantial changes to AUSTRAC Online, transforming the way regulated entities interact and report to AUSTRAC.
These changes include a modern and intuitive user interface, ensuring the platform is tailored for different industries and portal access on multiple platforms, including mobile devices.
This month marks the third anniversary of the Australian Centre to Counter Child Exploitation (ACCCE). We partner with the ACCCE to drive a collaborative national response against child sexual exploitation, to protect some of the most vulnerable members of our community—our children.
To support culturally and linguistically diverse businesses and their customers, we recently released guidance materials for remittance service providers in a range of languages other than English.
The resources include fact sheets and guides to help you understand your obligations and manage your risks, and they cover:
AUSTRAC’s rolling risk assessment program examines current money laundering and terrorism financing (ML/TF) threats and vulnerabilities in specific parts of Australia’s financial sector.
The Illicit Tobacco Taskforce (ITTF) is an Australian Border Force (ABF)-led multiagency taskforce established in 2018. The ITTF is focused on investigating, prosecuting, and dismantling international organised crime groups who use the proceeds of illicit tobacco to fund criminal activities.
Today AUSTRAC released four new Australian banking sector money laundering and terrorism financing (ML/TF) risk assessments. The four assessments examine the threats criminals pose to Australia’s major banks, other domestic banks, foreign subsidiary banks and foreign bank branches operating in Australia.