Australian gambling industry under Austrac microscope in 2024

Australia’s anti-money laundering and counter-terrorism financing unit says the gambling industry is among those it will survey closely in 2024.

Setting out its regulatory priorities for the year ahead, the Australian Transaction Reports and Analysis Centre said it will look to “bolster the financial system’s resilience to money laundering, terrorism financing and other serious crime.”

Austrac’s five key priorities are enduring priorities, an increased regulatory focus, serious and systemic deficiencies, continuous improvement and partnerships.

Austrac’s acting CEO Peter Soros said: “These priorities signal our ongoing intent to work with businesses to embed a culture of vigilance, ensuring everyone at every level is aware of the threat of financial abuse and criminal exploitation.

“Criminals target businesses with weak anti-money laundering settings, which is why Austrac’s regulation, through education and supervision, is crucial to safeguarding Australia’s communities and financial systems from financial harm.

“Although today’s announcement calls out certain sectors, all industries sectors should expect interaction and engagement from Austrac.”

The banking and remittance sectors are also high up on the list for Austrac’s supervision in 2024, it said.