On 15 October, AUSTRAC has published an information paper to provide reporting entities and other stakeholders with insights into how AUSTRAC views its regulatory and enforcement role and financial intelligence functions.

AUSTRAC states that its approach to regulation includes:

  • AUSTRAC’s vision and purpose, and how its regulatory function combines with its financial intelligence function to achieve this;
  • the significance of reporting entities as the first line of defence in protecting Australia’s financial system from criminal abuse;
  • AUSTRAC’s regulatory approach and principles, including its commitment to collaboration, outcome-orientation, efficiency and continuous improvement;
  • AUSTRAC’s responsive approach to regulation, whereby it engages in a range of different regulatory activities depending on reporting entity needs and risks; and
  • how AUSTRAC’s exercises its enforcement powers when it identifies serious or systemic non-compliance, including the factors it takes into account when choosing an intervention.