The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced its regulatory priorities for 2024.

Included in the list of priorities are:

  • Understanding, mitigating and managing ML/TF risk;
  • Ensuring that reporting entities have an effective AML/CTF program in place that sets forth their compliance with the AML/CTF Act and AML/CTF Rules;
  • Encouraging accurate, timely and high quality reporting to AUSTRAC;
  • Focusing regulatory work on areas of high risk: the banking, gambling, and remittance sectors;
  • Increased regulatory activity across digital currency exchanges (DCEs), payment platforms, bullion, and non-bank lenders and financiers due to rapid sectoral growth and concerns surrounding AML/CTF compliance.

Firms with operations in or involving Australia should view the publication to remain aware of AUSTRAC’s areas of regulatory focus for 2024, and any resulting implications.

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