AUSTRAC, an Australian government financial intelligence agency has unveiled its regulatory agenda for the next year, with a main aim at combatting money laundering, terrorism financing, and suspension activities and crimes.
The main objectives revolve around bolstering the resilience of companies against these harms, with special attention to sectors susceptible to heightened threats, encompassing gambling, banking as well as remittance. Additionally, the agenda places emphasis on regulating digital currency exchanges, payment platforms, and non–bank lenders and financiers.
Peter Soros, Chief Executive Officer of AUSTRAC, emphasized that a crucial aspect of the agency’s regulatory efforts is early identification of sectors for development, aiming to avoid potential issues from evolving into systemic problems. He said:
These aims underscore our continuous dedication to companioning with businesses to instill a culture of vigilance, making sure that individuals at every organizational level remain alert to the risks of financial abuse and criminal exploitation. Criminal groups frequently take advantage of companies that don’t have enough anti-money laundering procedures in place. This highlights how important AUSTRAC’s regulation is in protecting Australia’s communities and financial institutions from financial hazard by way of supervision and education. Although the declaration made today aims at particular verticals, it is essential that all industries expect to communicate and collaborate with AUSTRAC.
Priority examination areas will include controlling outsourcing agreements, guaranteeing efficient transaction monitoring, and supervising senior management oversight of culture and risk management procedures.