AUSTRAC Made to Take Back Seat as Australia Defies Global AML Regulations

  • Richard Marley
  • March 26, 2021
  • 2 minutes read
  • 170

Australian Transaction Reports and Analysis Centre has taken Australia’s largest business to consider while other regulatory bodies with immensely more resources flinched and eyed the “spinning gate” of corporate-sector jobs. In the past three years, AUSTRAC has given taxpayers more than $2 billion in fines for AML data breaches. One might expect the regulatory bodies to be driving a surge of legislative support. Not so, addresses Nathan Lynch. The capability of the lawyers’, analysts’, and real estate halls proceed to have it halted. 

When the federal government, under Prime Minister John Howard, delivered the AUSTRAC as a suite of the latest skills in 2006, it had no intention it was unleashing a parliamentary atomic weapon.

Parliament has absolutely not expected general trillion-dollar fines against the banking sector for compliance failures, which is where Westpac exposed itself after breaching a regulation, with $21 million fines, on 23 million separate incidents. 

The AML & CFT Act 2006 took a Chatswood-based financial intelligence unit and turbo-charged it by providing it with a regulatory failure of 14,000 of Australia’s greatest and most important businesses across the banking, economic, and gaming sectors. 

In the situations of banking, gaming, and pokies, the law noted the first time that Canberra had some constitutional authority over the state-based cash-cows. It lastly had mechanisms to reduce the laundering activity that was threatening the federal tax base in return for micro cents in the dollar in state gambling permit expenses.

The monetary sector saw itself subjected to mistakes from ex-cops, ghosts, and criminal intelligence professionals, who were a distinct race from the “tea and bickies” gamekeepers that have traditionally feigned failure over the greatest and most influential companies. 

As stated previously on, the Australian Transaction Reports and Analysis Centre took some time to find its mojo. But when the prior associated crime cop Paul Jevtovic took control in 2014, everything changed rapidly.