Regulatory Priorities for 2024

AUSTRAC announced its regulatory priorities for 2024 which details how it plans to bolster the financial system’s resilience to money laundering, terrorism financing and other serious crime.

More Detail

AUSTRAC’s priorities include an ongoing focus upon businesses understanding, mitigating and managing the money laundering and terrorism financing risks they face, particularly across the banking, gambling and remittance sectors which face higher risks.

Additional sectors will be under scrutiny to uplift Anti-Money Laundering and Counter-Terrorism Financing (“AML/CTF”) capability and to ensure legislative compliance. The sectors are:

  • Digital Currency Exchanges (“DCEs”)
  • Payment platforms
  • Bullion
  • Non-Bank Lenders and Financiers

An important aspect of AUSTRAC’s regulatory work is engagement with businesses to identify areas for improvement early to prevent problems from becoming systemic.

AUSTRAC’s priorities signal its 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 communities and financial systems from financial harm.

The priorities include:

  • Enduring priorities
  • Increased regulatory focus
  • Serious and systemic deficiencies
  • Continuous improvement
  • Partnerships

Although the announcement identifies the above sectors and priorities, all industries sectors should still expect interaction and engagement from AUSTRAC.

AUSTRAC’s regulatory priorities include identifying areas which businesses may be scrutinised such as:

  • board and senior management oversight around the culture and risk management practises;
  • effective transaction monitoring; and
  • managing outsourcing arrangements.

While AUSTRAC will focus its regulatory activities on these priority areas, it will retain the capacity to investigate other areas that are important to complying with AML/CTF obligations.

Where AUSTRAC identifies emerging issues or serious non-compliance, it will promptly intervene to address such matters. This may result in increased engagement, assessment, notifications and in some cases AUSTRAC enforcement action.

Full details of AUSTRAC’s regulatory priorities for 2024 is available at:

AUSTRAC Regulatory Priorities

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