Good morning. I would like to begin by acknowledging that we are meeting on the lands of the Gadigal people. I pay my respects to their country, to Elders past and present, and to their enduring culture.
AUSTRAC has published guidance on its new compulsory examination powers, setting clear expectations for businesses and individuals about when and how the powers will be applied.
The new section 172A powers were introduced in 2025 with the passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act).
Good morning everyone. I’d like to pay my respects to the Gadigal people of the Eora nation, their ancestors past and present, and extend my respects to any Aboriginal people here with us today.
It’s a pleasure to be here in Sydney with colleagues from across government, industry, academia and the regulatory community.
Good afternoon. Thank you for the opportunity to address you today and thank you to the Honourable Justice Anthony Payne for the warm welcome. I’d like to begin by acknowledging that we are here on the lands of the Gadigal people and I pay my respects to their country, elders and their heritage.
AUSTRAC has released its anti-money laundering program starter kits (kits), designed specifically to help small businesses in newly regulated sectors to meet their compliance obligations and manage ML/TF risks, while also reducing the time and cost of compliance.
In 2021, at the height of the COVID19 lockdowns, AUSTRAC detected a pattern no one could ignore – an unusually high volume of cash deposits flowing into ATMs across Melbourne in the dead of night. What emerged would become Operation Taipan, one of Australia’s most significant money laundering operations at the time.
Fintel Alliance and AUSTRAC subject matter experts completed three intensive ‘days of action’ focused on identifying individuals suspected of purchasing explicit material.
AUSTRAC has ordered the appointment of an external auditor to assess whether payment platform, Airwallex Designated Business Group (Airwallex DBG), is meeting its anti-money laundering and counter-terrorism financing (AML/CTF) obligations, following concerns about potential non-compliance.
Obligations for businesses currently regulated under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) change on 31 March 2026. This update sets out our expectations for current regulated businesses in progressing towards implementing these changes and meeting their obligations.