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AUSTRAC Regulatory priorities for 2024

13 December 2023
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AUSTRAC Regulatory priorities for 2024

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

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.

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.
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