Austrac has published its 2024 regulatory priorities.
In 2024 AUSTRAC will increase its regulatory activities in the following sectors:
- Digital currency exchanges
- Payment platforms
- Bullion
- Non-bank lenders and financiers.
This is a result of:
• rapid and significant growth in these sectors
• concerns about AML/CTF compliance and significant variation in compliance levels between reporting entities in these sectors
• AUSTRAC intelligence and partner agency concerns.
AUSTRAC’s regulatory work will continue to focus on four enduring priorities.
- Money laundering and terrorism-financing (ML/TF) risk
- AML/CTF programs
- Reporting: International funds transfer instructions, (IFTI), threshold transaction reports (TTR) and suspicious matter reports (SMR)
- High-risk sectors: The banking, gambling and remittance sectors are ongoing focus areas for its regulatory work.
AUSTRAC’s supervision and enforcement activities will continue in serious and systemic AML/CTF compliance failures in the following key areas:
- Board and executive accountability for maintaining a culture of AML/CTF compliance and risk management
- Transaction monitoring programs
- Outsourcing AML/CTF functions.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
