AUSTRAC has released its regulatory priorities for 2024. These priorities identify four key areas that we will target resources to build regulated businesses’ resilience to money laundering, terrorism financing and other serious crimes.

View our 2024 regulated priorities here.

Impact on businesses

AUSTRAC’s regulatory priorities aim to ensure that regulated businesses are:

• building and maintaining a culture of anti-money laundering and counter-terrorism financing (AML/CTF) compliance and risk management

• developing and maintaining effective transaction monitoring programs to identify unusual transactions or suspicious customer interactions

• ensuring any AML/CTF functions they outsource to a third party meet legal requirements.

To help businesses address these priorities, we will continue collaborating with industry and using our comprehensive education and supervision programs to support businesses in identifying areas for improvement early.

In line with AUSTRAC’s approach to regulation, regulatory interactions will continue being tailored based on the level of risk posed and the needs and circumstances of the businesses we regulate.

While AUSTRAC will focus its regulatory activities on these priority areas, it will retain the capacity to investigate other areas critical to complying with AML/CTF obligations.

What you need to do

Read AUSTRAC’s regulatory priorities and consider where you may need to allocate resources to address priority areas to ensure compliance with your anti-money laundering and counter-terrorism financing obligations.