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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.
Many businesses do not have adequate systems or processes in place to meet their reporting obligations or to properly identify high‑risk customers.
CEO Brendan Thomas spoke at the Financial Integrity Hub in May about emerging financial crime threats, technology-enabled crime and collaboration to protect financial integrity.
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've 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.
Banks have taken decisive action to disrupt the financial flows underpinning Australia’s illicit tobacco trade, strengthening oversight to more effectively cut off criminal cash flows.
Australia’s AML/CTF laws have expanded, strengthening safeguards to make it significantly harder for criminals to launder money through crypto and other virtual assets.
AUSTRAC has directed payment platform, MHITS Limited, to appoint an external auditor to assess whether it is meeting its AML/CTF obligations.
Whether you’re new to AUSTRAC or not, understand your obligations for updating your enrolment details, completing new enrolment forms or registering with us.
AUSTRAC is implementing the next phase of the Australian Government’s landmark anti‑money laundering reforms, opening enrolment for new professions.