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Multibank group
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Frequently Asked Questions

What is AUSTRAC?

AUSTRAC stands for the Australian Transaction Reports and Analysis Centre. It is the regulatory authority responsible for combating money laundering, terrorism financing, and other financial crimes in Australia.

Which financial institutions fall under AUSTRAC regulation?

AUSTRAC regulates various financial institutions, including banks, credit unions, money remitters, digital currency exchanges, and casinos. These entities are required to comply with AUSTRAC’s AML/CTF regulations and report any suspicious transactions.

How does AUSTRAC contribute to combating financial crime?

AUSTRAC contributes to combating financial crime by collecting and analyzing financial intelligence, sharing information with domestic and international law enforcement agencies, and taking enforcement actions against entities that fail to comply with AML/CTF obligations.

Does AUSTRAC protect the privacy of individuals’ financial information?

AUSTRAC is committed to protecting the privacy of individuals’ financial information. It follows strict confidentiality and data security measures when collecting, storing, and sharing financial intelligence and personal data.