Structure, organisations and key people
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regulator and specialist financial intelligence unit.
AUSTRAC was established in 1989 under the Financial Transaction Reports Act 1988 (FTR Act) as a statutory authority within the Attorney-General’s portfolio and is continued in existence by section 209 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
The AUSTRAC Chief Executive Officer (CEO) reports to the Attorney-General and the Minister for Justice on the operations of the agency.
Vision: An Australian community which is hostile to money laundering, financing of terrorism, serious and organised crime, including people smuggling, and tax evasion.
Purpose: To protect the integrity of Australia’s financial system and contribute to the administration of justice through its expertise in countering money laundering and the financing of terrorism.
This purpose is achieved through the collaborative efforts of AUSTRAC’s two interdependent functions of AML/CTF regulator and FIU:
1. As Australia's AML/CTF regulator, AUSTRAC oversees the compliance of Australian businesses with their requirements under the AML/CTF Act and the FTR Act.
These requirements include: implementing programs for identifying and monitoring customers and for managing the risks of money laundering and terrorism financing; enrolling/registering with AUSTRAC; reporting suspicious matters, threshold transactions and international funds transfer instructions; and submitting an annual compliance report.
2. In its role as Australia's FIU, AUSTRAC collects and analyses financial information and disseminates the resulting financial intelligence to Australian law enforcement, national security, human services and revenue partner agencies and selected international counterparts.
AUSTRAC’s domestic and international partners use this financial intelligence to assist in the investigation and prosecution of serious criminal activity including terrorism financing, organised crime and tax evasion.
AUSTRAC's head office is in Sydney. AUSTRAC also has offices in Melbourne and Canberra, and outposted staff in Brisbane, Perth and Adelaide.
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