The Australian Transaction Reports and Analysis Centre (AUSTRAC) has outlined a new strategy to tackle financial crime by naming cryptocurrency platforms among its highest priorities.
The agency said it will direct more attention toward businesses where the risk of harm is greatest, especially those that enable fast, cross-border transfers of money through cryptocurrencies.
Chief executive Brendan Thomas said AUSTRAC will no longer focus only on whether businesses meet compliance requirements on paper. Instead, the goal is to ensure companies take real steps to limit criminal activity.
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The plan also expands the number of businesses that must follow anti-money laundering rules. Around 80,000 additional companies, including real estate agents, law firms, accountants, trust service providers, and traders of precious metals and stones, will be brought under AUSTRAC’s supervision.
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These industries, often called “tranche 2”, have not previously been required to meet the same obligations as banks and other financial institutions.
Companies already regulated by AUSTRAC must comply with the standards by March 31, 2026. Those in the newly added Tranche 2 group will need to meet the rules by July 1, 2026. Both groups will need to improve customer checks, monitor transactions more closely, and report suspicious activity.
Thomas also noted that the agency expects businesses to demonstrate that their systems are effective in preventing criminal abuse.
Recently, the European Union introduced new rules aimed at preventing illegal financial activities, including those involving cryptocurrencies. What do the rules cover? Read the full story.
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