AUSTRAC will target money laundering and terrorism financing risks in various sectors, including gambling.<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0The Australian Transaction Reports and Analysis Centre (AUSTRAC)\u00a0has disclosed its regulatory roadmap for next year, focusing on money laundering<\/strong>, terrorism financing and serious crimes.\u00a0<\/p>\n\n\n\n The strategic priorities centre on enhancing business resilience to these risks, particularly in sectors prone to higher threats such as banking, gambling and remittance. It will also focus on digital currency exchanges (DCEs), payment platforms, bullion, and non-bank lenders and financiers.\u00a0<\/p>\n\n\n\n The regulatory priorities for inspections will include senior management oversight around culture and risk management practices, effective transaction monitoring and managing outsourcing arrangements.\u00a0<\/p>\n\n\n\n Peter Soros<\/strong>, AUSTRAC’s acting CEO, said a key aspect of the agency’s regulatory work is identifying areas for improvement early to prevent problems from becoming systemic.<\/p>\n\n\n\n He said: \u201cThese priorities signal our ongoing intent to work with businesses to embed a culture of vigilance, ensuring everyone at every level is aware of the threat of financial abuse and criminal exploitation.<\/p>\n\n\n\n \u201cCriminals target businesses with weak anti-money laundering settings, which is why AUSTRAC\u2019s regulation, through education and supervision, is crucial to safeguarding Australia\u2019s communities and financial systems from financial harm.<\/p>\n\n\n\n \u201cAlthough today\u2019s announcement calls out certain sectors, all industries sectors should expect interaction and engagement from AUSTRAC.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" AUSTRAC will target money laundering and terrorism financing risks in various sectors, including gambling.<\/p>\n","protected":false},"author":176,"featured_media":18728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"AUSTRAC has released its 2024 regulatory roadmap, targeting money laundering and terrorism financing risks across high-threat sectors, including banking, gambling, and digital currency exchanges. The agency will prioritize inspections on senior management oversight, effective transaction monitoring, and outsourcing arrangements to bolster business resilience against financial crime. Peter Soros, AUSTRAC's acting CEO, emphasized a proactive approach to prevent systemic issues.","focusai_entities":"AUSTRAC, Peter Soros","focusai_location":"Australia","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), affiliate_publisher (0.7), tech_data (0.8), payments_fraud_aml (1.0), investor_analyst (0.8), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"AUSTRAC Inspection Metrics?","query":"What specific metrics and benchmarks will AUSTRAC employ to assess the effectiveness of transaction monitoring and senior management oversight within the gambling sector?"},{"label":"Outsourcing Compliance Impact?","query":"How will AUSTRAC's focus on 'managing outsourcing arrangements' translate into new compliance requirements or due diligence expectations for operators leveraging third-party services?"}],"footnotes":""},"categories":[16336,156],"tags":[23793],"class_list":["post-777011859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","tag-austrac"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777011859"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011859\/revisions"}],"predecessor-version":[{"id":777011883,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011859\/revisions\/777011883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18728"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}