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
Australian banks are stepping up to help customers struggling with loan repayments and higher cost of living challenges. ABA CEO Simon Birmingham said banks stand ready with practical support measures to help customers and businesses get through this tough time. “Banks know many of their customers are making tough financial decisions right now as… Read more »
Today’s decision by the RBA to slash the funding that maintains Australia’s payments system will undermine Australia’s sovereign capabilities and advantage foreign multinationals over local companies. “The RBA’s decision will see foreign multinationals extract an increasing share of revenue from the payments system to the long-term detriment of Australia,” ABA CEO Simon Birmingham said. “Australian… Read more »
E&OETV InterviewSky News Business with Ross Greenwood31 March 2026. Topics: RBA decision on surcharging and interchange. Ross Greenwood (Host): Chief Executive of the Australian Banking Association, Simon, thanks for your time. You’re not happy, are you? Simon Birmingham (Guest): No, Ross, we’re not. Look we understand why many Australians find surcharging to be a bugbear,… Read more »