AUSTRAC's approach to regulation
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This information paper provides reporting entities and other stakeholders with useful insights into how AUSTRAC views and fulfils its regulatory role under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Insights in AUSTRAC’s approach to regulation include:
- AUSTRAC’s vision and purpose, and how our regulatory function combines with our financial intelligence function to achieve this
- the significance of reporting entities as the first line of defence in protecting our financial system from criminal abuse
- AUSTRAC’s regulatory approach and principles, including our commitment to collaboration, outcome-orientation, efficiency and continuous improvement
- our responsive approach to regulation, whereby we engage in a range of different regulatory activities depending on reporting entity needs and risks
- how we exercise our enforcement powers when we identify serious or systemic non-compliance, including the factors we take into account when choosing an intervention.
This guidance sets out how we interpret the Act, along with associated Rules and regulations. Australian courts are ultimately responsible for interpreting these laws and determining if any provisions of these laws are contravened.
The examples and scenarios in this guidance are meant to help explain our interpretation of these laws. They’re not exhaustive or meant to cover every possible scenario.
This guidance provides general information and isn't a substitute for legal advice. This guidance avoids legal language wherever possible and it might include generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.