At AUSTRAC, we use co-design principles when working with our internal and external stakeholders to design products for ourselves, reporting entities, as part of joint agency initiatives or development of other business initiatives. Externally, this can include products such as guidance, educational materials, or other matters that support AUSTRAC and reporting entities to combat financial crime. On this page you can find out more about the principles and guardrails that underpin our approach to co-design as an agency. 

Co-design in the public sector is increasingly recognised as an effective way to develop inclusive and innovative policies, services and products. By involving stakeholders in our design process we can benefit from community expertise to improve policy, program and services, and deliver better outcomes.

Co-design can have different meanings among stakeholders with differing assumptions and expectations. By outlining our approach, we aim to provide consistency and clarity on how we use co-design at AUSTRAC.

On this page

• How we approach co-design
• Co-design principles
• AUSTRAC’s guardrails

How we approach co-design

We view co-design as a spectrum, ranging from relying on existing insights and research at one end, to full partnership at the other. The appropriate level of co-design depends on the product complexity, stakeholder needs, and the level of risk.

While the level of co-design applied may differ depending on the product or initiative, the objective remains the same. We use co-design principles to inform and support AUSTRAC to develop regulatory solutions which are effective, efficient and practical.

We may not always be able to externally co-design all AUSTRAC products. We will engage in co-design processes when we can, in line with the following principles and guardrails. 

Co-design principles

There are 6 principles that underpin our approach to co-design.

Inclusive

We engage stakeholder groups who are likely to be affected by the initiative. We welcome a breadth of expertise to ensure our decision-making is fully informed.

Transparent

We communicate transparently throughout the process. We communicate any predetermined aspects or outcomes and explain why certain decisions have been made.

Trusted 

All stakeholders participating in the process are respected as experienced experts in their field. Input is valued, heard, considered and responded to. We ensure that any sensitive information shared by stakeholders is subject to appropriate confidentiality protections. Where we share early thinking with key stakeholders subject to confidentiality arrangements, we expect these arrangements to be honoured. 

Purposeful 

To the extent possible, ideas and outcomes are not predetermined or set. We are open to stakeholders’ views while aligning outcomes to our regulatory objectives and legislative mandate. We remain flexible to solutions and outcomes and adapt to changing circumstances. 

Open 

We demonstrate organisational humility, acknowledging that we need the input of stakeholders to be fully informed and effective. Feedback to ideas is responsive, ensuring feedback loops are established and where applicable, closed. 

Outcomes-focused partnerships  

We aim to develop solutions that are effective, efficient and practical. We work together with stakeholders to improve our products, and to support partner agencies and reporting entities’ own efforts to identify, assess, manage and mitigate financial crime risk. We develop strong relationships and innovative solutions through ongoing dialogue.

AUSTRAC’s guardrails

The guardrails on the co-design process provide clarity on our role, define boundaries and maintain focus on shared outcomes. 

Decision-making authority

Co-design does not mean co-decision. As Australia’s financial intelligence unit and anti-money laundering and counter-terrorism financing regulator, we must ensure all products and initiatives align with our regulatory objectives and legislative requirements. 

Process management 

We will manage the co-design process and set clear expectations from the outset. We will reinforce and adapt expectations throughout the process. 

Engagement quality

We will endeavour to ensure there is appropriate stakeholder representation. We will use shared knowledge to develop practical and simple solutions to problems and develop user-friendly products. These will help reporting entities to identify, assess, manage and mitigate financial crime risk, and understand their other AML/CTF obligations. 

Timeframes and confidentiality considerations

Our engagement may be limited by timeframe considerations when undertaking particular initiatives. It may not be possible to engage extensively where decisions need to be made quickly. There may be some information which we cannot share by operation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2026.

Related pages 

• AML/CTF Reform
• About the reforms
• Consultation with industry