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AUSTRAC: Australian banking risk assessments
10 September 2021
AUSTRAC has released four money laundering and terrorism financing (ML/TF) risk assessments to help the banking sector identify, understand and disrupt serious financial crime. These assessments were completed under a program of work funded by the Australian Government and examine the following sectors:
- Australia’s four major banks
- other domestic banks (12 operating in Australia)
- foreign subsidiary banks (seven operating in Australia)
- foreign bank branches (48 operating in Australia).
Risk assessments examine current money laundering and terrorism financing threats and vulnerabilities in specific parts of Australia’s financial sector.
They are a resource for reporting entities to use to refine internal controls and to meet your reporting obligations, particularly in relation to suspicious matter reporting.
Risk assessments bring together insights from industry with intelligence from AUSTRAC and its partner agencies to provide a comprehensive assessment of ML/TF risks relevant to a specific sector or product.
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