AUSTRAC (Australian Transaction Reports and Analysis Centre) has outlined its regulatory priorities for 2024, emphasizing efforts to enhance the financial system’s resilience against serious crimes. Key areas of focus include businesses understanding, mitigating, and managing money laundering and terrorism financing risks, particularly in the banking, gambling, and remittance sectors facing higher risks. Additionally, AUSTRAC will scrutinize and uplift Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) capabilities in sectors such as Digital Currency Exchanges (DCEs), payment platforms, bullion, and non-bank lenders and financiers.
AUSTRAC emphasizes engagement with businesses to identify areas for improvement early, aiming to prevent issues from becoming systemic. The regulatory priorities signal a commitment to working with businesses to establish a culture of vigilance at all levels, raising awareness of the threat of financial abuse and criminal exploitation.
While specific sectors are highlighted, AUSTRAC asserts that all industry sectors should expect interaction and engagement. The regulatory activities will focus on board and senior management oversight, effective transaction monitoring, and managing outsourcing arrangements. AUSTRAC retains the flexibility to investigate other areas important for AML/CTF compliance, intervening promptly in cases of emerging issues or serious non-compliance, which may lead to increased engagement, assessment, notifications, and enforcement actions.
By FCCT Editorial Team
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