AUSTRAC Announces its 2024 Regulatory Priorities

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has disclosed its regulatory roadmap for next year, focusing on money laundering, terrorism financing and serious crimes.

The strategic priorities centre on enhancing business resilience to these risks, particularly in sectors prone to higher threats such as banking, gambling and remittance. It will also focus on digital currency exchanges (DCEs), payment platforms, bullion, and non-bank lenders and financiers.

The regulatory priorities for inspections will include senior management oversight around culture and risk management practices, effective transaction monitoring and managing outsourcing arrangements.

Peter Soros, AUSTRAC’s acting CEO, said a key aspect of the agency’s regulatory work is identifying areas for improvement early to prevent problems from becoming systemic.

He said: “These priorities signal our ongoing intent to work with businesses to embed a culture of vigilance, ensuring everyone at every level is aware of the threat of financial abuse and criminal exploitation.

“Criminals target businesses with weak anti-money laundering settings, which is why AUSTRAC’s regulation, through education and supervision, is crucial to safeguarding Australia’s communities and financial systems from financial harm.

“Although today’s announcement calls out certain sectors, all industries sectors should expect interaction and engagement from AUSTRAC.”