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.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.