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Smarter Regulation

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AUSTRAC recognises that our approach to regulation must evolve with the changing financial sector environment. The Fintel Alliance Smarter Regulation program will fundamentally change the way we regulate, and anticipate and address future challenges.

Our vision is a regulated community that is collaborative, knowledgeable, vigilant and capable of preventing, detecting and responding to threats of criminal exploitation. AUSTRAC is committed to supporting industry to realise this vision.

Through the Smarter Regulation program, AUSTRAC will tailor engagement with reporting entities to more efficiently and effectively treat risk.

AUSTRAC is co-designing the Smarter Regulation program with industry partners through the Fintel Alliance Innovation Hub. Industry will participate in project teams to devise and test creative strategies and approaches to emerging risks in the anti-money laundering and counter-terrorism financing (AML/CTF) environment.

What we're doing

AUSTRAC and industry partners will progress key milestones, including:

  • co-designing a regulatory model tailored to reporting entities, their regulatory needs and nature, size and complexity
  • developing targeted engagement strategies with reporting entities, reflecting the risks they face and their knowledge, governance, risk culture and behaviours
  • focusing on supporting reporting entities to strengthen their AML/CTF systems and processes.

Benefits to the Australian community

AUSTRAC and industry will become smarter and more efficient in identifying, disrupting and preventing serious financial crime.

Industry will be able to protect themselves and the Australian community from the threats of criminal syndicates and terrorist groups.

Industry partners will have greater clarity and certainty operating in the AML/CTF environment. They will receive timely and relevant guidance, education and feedback from AUSTRAC, to strengthen their regulatory processes and improve resilience to criminal exploitation.

The Fintel Alliance Smarter Regulation program will explore strategies, products and tools to overcome the challenges government and industry face in the evolving money laundering and terrorism financing environment.

Industry engagement

We are holding industry workshops with reporting entities to work through an ongoing engagement process for the Smarter Regulation program. The first round of industry workshops will be held on
21 and 27 June 2017 in Melbourne and Sydney respectively. 

In the initial phases, we will work with a small number of reporting entities across industry to co-design and test creative new approaches for more effective AML/CTF regulation. We will explore strategies, products and tools to overcome the challenges government and industry face in the evolving environment.

As the Smarter Regulation program is phased in, AUSTRAC will engage with more reporting entities in ways best suited to the individual businesses we regulate.

If you are interested in being involved in the Smarter Regulation program, or would like more information, please contact Smarter_Regulation@austrac.gov.au.

Last modified: 22/06/2017 15:00