The regulator says artificial intelligence, virtual assets and cross-border financial systems are increasing the complexity of money laundering and terrorism financing threats.
Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released updated assessments of Australia’s financial crime landscape. It warns that money laundering, terrorism financing and proliferation financing risks are becoming increasingly complex due to digitisation, artificial intelligence and an overlap between legitimate and illicit financial activity.
The regulator said criminals are increasingly exploiting lawful financial services, trade systems, professional facilitators and corporate structures to conceal illicit activity, often through low-value or seemingly routine transactions that are harder to detect. AUSTRAC also highlighted the role of emerging technologies, particularly artificial intelligence and virtual assets. The agency warned that AI is being used to fabricate identities, forge documents and automate money laundering techniques that were previously manual processes.
According to AUSTRAC CEO Brendan Thomas, “Australia’s money laundering, terrorism financing and proliferation financing environments continue to rely on enduring channels – but they are being reshaped by technology, globalisation and increasingly sophisticated criminal behaviour.”
The updated assessments are intended to complement AUSTRAC’s 2024 national risk assessments and support the Australian Government’s ongoing anti-money laundering and counter-terrorism financing (AML/CTF) reform agenda. The developments could have implications for the gaming sector, which continues to face heightened regulatory scrutiny in Australia regarding AML compliance, customer due diligence and transaction monitoring.
The regulator says artificial intelligence, virtual assets and cross-border financial systems are increasing the complexity of money laundering and terrorism financing threats. Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released updated assessments of Australia’s financial crime landscape. It warns that money laundering, terrorism financing and proliferation financing risks are becoming increasingly complex…
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