The Australian Transaction Reports and Analysis Centre will initiate a crackdown on inadequate compliance as part of its regulatory priorities for the upcoming year.
The move reinforces the country's financial system against money laundering, terrorism financing, and serious crimes.
Key sectors, including banking, gambling, and remittance, will receive ongoing attention to address associated risks.
Additional sectors targeted for enhanced anti-money laundering and counter-terrorism financing capabilities and legislative compliance include digital currency exchanges, payment platforms, bullion, and non-bank lenders.
The regulatory focus includes board and senior management oversight, effective transaction monitoring, and management of outsourcing arrangements.