How AUSTRAC Works with Industry and Partners to Strengthen Australia's AML/CTF Framework

This infographic explains how AUSTRAC works in collaboration with different businesses, government agencies and international partners to detect and disrupt financial crime through intelligence and regulation.  

AUSTRAC plays a key role in protecting Australia’s financial system. It does so by collecting financial data, analysing it, and sharing it with government agencies, law enforcement, and global partners. It also regulates thousands of businesses to help prevent their misuse. 

Let’s try to understand how AUSTRAC operates at multiple levels to disrupt financial crimes such as money laundering and terrorism financing. 

Regulating Businesses to Detect Crime 

AUSTRAC regulates several kinds of businesses, known as reporting entities. These reporting entities are on the first line of defence in identifying and combating suspicious behaviour. When criminals try to move or hide any illicit money, they often try to interact with these regulated sectors, such as Banks, Casinos, or other Financial Services Providers.  

These businesses are required to:  

• Detect and submit suspicious matters  
• Report financial activity to AUSTRAC 

The information they provide plays a key role in uncovering criminal behaviour. AUSTRAC supports these businesses by offering guidance and support to help them build systems that reduce the risk of being exploited. 

This dual approach of regulation being backed by support helps both businesses and the broader community stay protected against any sort of financial crime. 

Government Partnerships 

AUSTRAC is part of Australia’s National Intelligence Community. It works closely with other government agencies at both the state and federal levels to support shared goals. This strengthens Australia’s financial system by supporting coordinated government responses to national threats.  

These partnerships ensure that AUSTRAC’s intelligence can be properly utilised for broader security. In collaboration with government agencies, AUSTRAC contributes to protecting the country from threats related to financial crimes. 

The Fintel Alliance

One of AUSTRAC’s most significant initiatives is the Fintel Alliance. It is a public-private partnership that brings together government agencies and private sector businesses. It focuses on: 

• Strengthening the financial system  
• Supporting law enforcement investigations 
• Publishing resources to help businesses identify any sort of suspicious activity and report it to prevent any criminal activity 
• Developing threat alerts and providing them to the law enforcement and private sector partners to address these crimes in an efficient and effective manner 

By building relationships between government and industry, Fintel Alliance allows faster responses to financial threats and better detection of suspicious activity. 

Joint Task Forces 

In addition to these abovementioned collaborations, AUSTRAC also participates in national joint task forces. These task forces focus on security matters and transnational organised crime. AUSTRAC’s role is to provide specialist financial intelligence that supports national security investigations and law enforcement outcomes. 

By supporting joint efforts, AUSTRAC ensures that financial intelligence becomes a core part of how Australia deals with crime across different regions and borders. 

Financial Intelligence and National Security 

Criminals often use complex networks to move the proceeds of illegal activities. AUSTRAC’s financial intelligence specialists analyse transaction reports submitted by businesses and, by collaborating with law enforcement and national security partners, try to identify unusual patterns and potential threats. This supports: 

• National Security Investigations 
• Disruption of Criminal Activity 
• Identification of Criminal Networks and their Financial Activity 

The information collected by AUSTRAC is shared directly with authorised users in federal, state and territory agencies. This can allow them to act quickly when risks are detected and ensure that law enforcement efforts are properly backed by reliable financial data. 

International Partnerships 

AUSTRAC also works with international counterparts. Since financial crimes such as money laundering and terrorist financing often involve activities occurring in more than one country, cross-border co-operation is essential. It plays an active role by providing technical guidance and training in international AML/CFT organisations. 

Apart from this, AUSTRAC: 

• Shares intelligence with financial intelligence units (FIUs) worldwide 
• Works with overseas regulators 
• Supports global efforts to combat financial crime 

Through these partnerships, it can contribute internationally while also gaining insights that can help in protecting domestic businesses and communities. 

Conclusion 

AUSTRAC holds the perspective that no single agency or business can stop financial crime alone. By working together with regulated businesses, government departments, and international partners, AUSTRAC strengthens Australia’s ability to identify, investigate and respond to serious financial threats.