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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.
The ITTF is focused on investigating, prosecuting, and dismantling international organised crime groups who use the proceeds of illicit tobacco to fund criminal activities.
AUSTRAC’s rolling risk assessment program examines current ML/TF threats and vulnerabilities in specific parts of Australia’s financial sector.
We recently released guidance materials for remittance service providers in a range of languages other than English.
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.
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.
AUSTRAC’s intelligence and regulatory functions work in parallel to protect Australians and our financial system from serious and organised crime.
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.
Members of the Customer Advisory Group recently participated in a series of workshops and 1:1 interviews to provide feedback on ‘what works and what doesn’t work in AUSTRAC Online today’.
FATF's June update outlines global ML/TF risks and identifies jurisdictions that may pose risks to the international financial system.