Over the past 12 months the Australian Transaction Reports and Analysis Centre (AUSTRAC) has seen the number of suspicious matter reports increase by 51%.
As a result, AUSTRAC, Australia’s financial intelligence unit and anti-money laundering and counter-terrorism financing regulator has taken a hardline approach with a number of landmark cases and penalties issued. In fact, as a result of the landmark $700 million penalty against the Commonwealth Bank of Australia in 2018, there has been a sharp lift in “self-disclosure” from companies it regulates. This means more review, more action and more coordination will have to be done in months and years ahead.
View the latest report on The State of Financial Crime 2019 to understand how AUSTRAC plans to support reporting entities and private sector partners mitigate risks and strengthen the financial system.
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