6 September 2021
Australia’s banks have strong relationships with law enforcement authorities and regulators like AUSTRAC, and work together to detect, deter and prevent money laundering and other serious crime.
In recent years, Australian Banks have invested millions to improve their monitoring and reporting capabilities as well as hiring thousands of expert additional staff.
AUSTRAC’s banking sector risk assessments report released today is based on inherent risk. It does not consider any bank’s control environment.
- The level of risk is based on a banks size, other factors include operating across multiple countries and jurisdictions and facilitating large volumes of international fund transfers for a large number of customers
- The report indicates that the primary criminal threats facing banks are posed by global criminals who seek to use Australia to launder money, fund drug trafficking, tax evasion, frauds and scams.
The banks are continuously reviewing and uplifting their control environments in order to help mitigate the inherent risks noted in the report.
Latest news
Banks welcome Treasurer Jim Chalmers’ release today of draft regulations to lift the cap on covered bond issuance, a practical step that would help small and mid-tier banks access cheaper, more stable funding. ABA CEO Simon Birmingham said these changes, including streamlined reporting for smaller banks, are a welcome part of the Government’s broader productivity… Read more »
Banks have welcomed Shadow Treasurer Tim Wilson’s call today for the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) to give more weight to economic growth in their decision making. ABA CEO Simon Birmingham said regulation that supports growth is key to lifting productivity across the economy. “Banks want to… Read more »
E&OETV InterviewInterview ABC Afternoon Briefing19 October 2026 Topics: Australia-EU free trade deal, investment benefits Patricia Karvelas: Simon Birmingham is the CEO of the Australian Banking Association, but he’s a former finance minister in a previous coalition government. And our guest, welcome to the program. Simon Birmingham: Hi, Patricia. Good to be with you again. Patricia… Read more »