fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

ABA statement on AUSTRAC risk assessment report

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

1 / 3
Transcript
ABC RN: banks respond to floods, inflation
6 July 2022

ABA CEO Anna Bligh spoke on ABC radio on how banks are responding to the floods across NSW, and the RBA’s moves to curb inflation.

Read more
Media Releases
On World Elder Abuse Awareness Day the ABA calls for cooperation to combat financial elder abuse
15 June 2022

The ABA has called upon Federal and State Australian governments to work together to combat the ongoing problem of elder financial abuse.

Read more
Media Releases
Australia can bank on growing agribusiness sector
6 June 2022

In the 12 months to February 2022, ABA member banks lent an average of $4.2 billion to agribusinesses across the country every month.

Read more