Under the AML/CTF Act, AUSTRAC regulates the provision of a range of financial services. Many start-up businesses in the finance sector, including FinTech businesses, may offer services that are regulated under Australia’s AML/CTF regime.
AUSTRAC – supporting new and innovative businesses
Are you a new business seeking to understand whether you have AML/CTF obligations or looking to create a new financial service product?
AUSTRAC regulates more than 14,000 reporting entities from the financial services, gambling and bullion sectors. AUSTRAC recognises the growth of start-ups in the finance sector and aims to support innovative businesses looking to introduce new or different financial products or services.
We want to assist new or non-regulated businesses to understand more about the AML/CTF regulatory framework and how it may affect their business.
We are also looking to encourage and support innovation in the finance sector, while remaining mindful of the potential money laundering and terrorism financing risks posed by new products and services.
To achieve these objectives, we seek to engage with businesses, to understand what they do, how they do it, and the possible benefits and risks of their products.
How to get in touch with AUSTRAC
The first point of contact for start-up businesses wishing to find out more about Australia’s AML/CTF regime and their potential obligations under the regime is the Policy and Guidance team. Use the online form below to tell us:
- The name of your business
- Where your business is located
- The services your business will provide to customers
- Your contact details